The upside is that you get the deed to the property. The downside is that your deed is subject to All previous encumbrances. 1st mortgage ? 2nd ? Any others? Liens? Judgements? They all survive foreclosure, whch is why most HOA foreclosures are worth ZERO these days! [addsig]
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The upside is that you get the deed to the property.
The downside is that your deed is subject to All previous encumbrances. 1st mortgage ? 2nd ? Any others? Liens? Judgements?
They all survive foreclosure, whch is why most HOA foreclosures are worth ZERO these days!
[addsig]