Please make sure that you research completely the auction process as you might just end up on the losing end if you do not do your homework. It sounds like you may already be in trouble and probably have parted with your hard earned money in this case. Any party with lien rights can file a foreclosure motion and if you outbid them there may be senior liens that you will be responsible for. It is imperative that you have a title company do a complete lien search so you know what outstanding obligations there are on that property and where the lien you are bidding on stands in that line-up.
I hope this information is helpful but again please do your research as you do not want to be on the losing end in the auction process.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
I hope that you have a title company or an attorney done a title, lien search for your prior to bidding at the auction. The best answer you will get by contacting a real estate attorney and I strongly encourage you to seek legal advice.
If the condo association did a foreclosure auction at the courthouse it will NOT remove the 1st mortgage and tax liens and other liens.
Do not invest any more money into the condo because eventually the 1st mortgage lender will foreclose and take ownership from you, sorry to have to tell you.
You may be able to rent out the condo to try to recover some of your money lost at the auction. Be sure to disclose to the tenant that this is what is going on with the foreclosure, to be fair.