I received an email from another client who purchased a home at a foreclosure sale without doing their title work homework. It turns out that the judgement purchased was from the homeowner’s association and, whoops, the first mortgage was still in place. Now the first mortgage is foreclosing, and the client will lose the home and the investment unless it can pay off the first mortgage. Very sad, and avoidable with proper due diligence. Foreclosure purchases are not games for amateurs.
Mitch