Asked by alxseg, El Paso, TX • Mon Feb 24, 2014
A property was purchased from a HOA foreclosure auction last year. We had never purchased anything like this and did it on a gamble. Come to find out that the owners (who were listed in the HOA suit) had filed for bankruptcy about 4 years ago, and this property was shown to be given back to the bank in the bankruptcy results. The lawyer for the HOA says that the bank never took possession and when the HOA tried to sue the bank in their lawsuit the bank said it did not own the note anymore (it had sold it to another bank) and the bank's attorney withdrew. The HOA attorney says that the court made the determination that the homeowners owned the home.
No payments have been made on this home for years it seems like. Now we 'own' it but it needs some work to be habitable, so we don't want to invest anything if the bank is going to take it away. But it's going on over 5 months now that we have it and it's just sitting there empty.
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