Hey guys. Need some help. HOA foreclosed on my sellers house last week. HOA was owed about $11,000 but the HOA sold to a 3rd party for $56,000. Seller has about $200,000 in equity and has a first mortgage. Property is in Florida. No clue if I can help him or does he just need an attorney? Any thoughts?
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What a bummer. The seller didn't have representation in the HOA foreclosure case? After the sale, they could have filed a motion to vacate the sale but at this point, it sounds like too much time has gone by. I would have your seller speak with an attorney and go over their options.. a lot of 3rd party bidders at HOA auctions don't even realize they are taking title subject to the 1st mortgage lien.