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sobeqban

Advice

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Association liens after Foreclosure Judgement

I am looking into a bidding for a foreclosure property at the county auction… the auction is selling the  mortgage case as of 11/6/2012 of the bank as plaintiff against the defendant (previous owner), with a final judgment amount of 238k, and an assessed value of 55k. I found the documentation explaining all the charges.  Now, I found another case, with a CERTIFICATE OF TITLE, sold back in November for the plaintiff being the ASSOCATION against the same defendant (previous owner), for $17k, although in the county sales information shows $1,100.  If I were to win the first case, what will it happen? Does the association now owns a percentage of the property? What is the court selling? 

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Title Search

Answer

Thanks Dan!... so if I win the auction, I will have pay those taxes $7445.33 separately. Thanks!

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Title Search

I just received a title search on a foreclosure property in auction that has one mortgage and the following "lien, judgement and comments":1. LisPendens Mortgage, xxxxx/xxxx, 09/02/092. Final Judgement Foreclosure yyyyy/yyyy, 12/05/13, $270,093.85, Sale Scheduled for 02/19/20143. Federal Tax Lien, zzzzz/zzzz 12/14/09, $7,445.33Do there means that there are three different liens? Meaning, the auction is just for (2) and I will have remaining to pay (1) and (2)?Any hints on how to read this title search would be appreciated!!! thanks!

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REO county auctions being cancelled same day and title search requested

Answer

Ok, this site (https://www.miamidade.realforeclose.com/index.cfm) is the Official Foreclosure sales site from the CLERK OF COURTS!! and the procedure is well established by them!.... How can the process be in JUSTICE AND FAIRNESS to the consumer when the consumer is REQUIRED to PAY and research for a property that will VERY LIKELY not post for auction!... You are right, this system was designed from the ground-up for "large investors with deep pockets"... I am sure the judges and everyone in the Miami-Dade Courts are aware of it, and care very little to make any changes!... There are many many many cases of people bidding and purchasing properties with multiple liens to later lose ALL THE MONEY (the unlucky majority)!...Why is the title search information not available with the property being auctioned? (you can add the cost of the title information to the winner bidder, along with ALL THE OTHER FEES (court registry fee, electronic service charge, publication fee(s), clerk's service charge)Why is there no "freeze/sale period" after the court decision to cancel/sell???? 

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REO county auctions being cancelled same day and title search requested

Answer

I do understand that there are reasons for the auction to be cancelled, what I don't understand is why there is no "sale period" between the court decision to cancel or proceed to the time it gets posted for sale in the auction. There are many people that have lost LOTS!! and LOTS!! of money from purchasing properties from the auction site without having a title search to later find out the property had other liens... There is NO WAY to guarantee a purchase without the title search BUT the title search takes 2-3 days THAT THE COURT IS NOT GIVING OR ALLOWING... IT is a catch-22... the disclaimer clearly states "GET A TITLE SEARCH" but there is 80% chances the sale will be cancelled so there goes the $250 for the title search!...Do you understand?

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REO county auctions being cancelled same day and title search requested

 I have been looking to purchase a REO property from the county auctions (https://www.miamidade.realforeclose.com/index.cfm)... They recommend the bidder to perform a title search before purchasing… The issue is that most title search companies I find, they take 1-3 days and in my last two properties I did the title search (which came back fine), the court/system cancelled those properties hours before the auction. I called the auction 1-800 number and told me is not in their control, it is the court, but the court is not providing any title searches… I see everyday lots and lots of auctions being cancelled, there is no way anyone can pay title searches on and on until one day somehow that property is not cancelled…Am I missing something here? I would greatly appreciate any feedback, I must be missing something.

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Home-owners vs Condo Corporation as president of the community

Answer

I appreciate all the advise. Thank you all... I had during last weekend a roof installed right on my wall by two unknown guys without any permits, called the city and surely enough, there was none. Asked the guys for permits and they claimed to be sent by a guy that supposedly "owns" in there, then disrespected me and my girlfriend with all sorts of language... called the police but they left before...  Joseph, it is exactly as you mention, neighbors do not want the waves, and I get nothing but negatives from the president and the assoc. staff. 

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Home-owners vs Condo Corporation as president of the community

  I just purchased a property as my home (not an investment), on a condo-converted community on which only 10% of the units were sold, and of those, 5% are delinquent (when asked, one of these owners told me that why should she pay when they assoc does nothing). The president and the board is part of the corporation that owns the 90%. The community is poorly maintained and the general consensus is that the association and the management company simply does not care, as long as they get the units rented out. The area has a high-demand for rent, so the units have occupancy. On the several issues of lack of regular maintenance, which include flooded streets, about 70% of the exterior lights not working, molded and unpainted exterior walls, no assoc. reserves, constructions without permits and more... The tenants and the two owners I asked, told me it has been like that for years, that they have mentioned it but they do nothing and ‘they do not want any trouble'…  In addition, I have had a real hard time communicating and dealing with the management company, it was extremely difficult to obtain the budget and even the name of the president; they still do not disclose who are in the board, if any.  As I see it, the president and the board are representing the interests of the corporation as maintaining occupancy of their units as investments. No one is representing the interests of the home-owners that actually have to live there…    Is there a process to get a home-owner appointed president when home-owners own so little of the community?

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