Hoping to buy property at the courthouse steps in Mecklenburg County (Charlotte) NC and I need a little info…
I’ve seen several Condos ( and a few homes) being foreclosed on for delinquent HOA dues. For typically such a small amount, the properties could be purchased for 5 to 10 cents on the dollar. So…Who is responsible for any primary and secondary mortgages on a foreclosure such as this?? How would the funds be distributed by the court in a proceeding such as this??? Who gets paid first and who’s picking up the tab???
What kind of liability would I have if I bought a condo for $3500 by purchasing it against a HOA foreclosure.
Thanks for your time!