Legal Eagles....Need your input!

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Posted by acw on November 19, 2009 at 09:45:21:

I made a mistake and purchased a CONDO at the courthouse steps for a lien that was being foreclosed by a bank. It seemed like a good deal UNTIL i found out that i was responsible for the past due HOA fees and Condo Fees. The fees combined almost make the deal financially a break-even transaction (which by the time you count time and effort, it becomes a losing deal). The HOA is demanding payment for past dues fees and threating to put a lien if i don't pay. I have 30 days.

IDEA:
What if i give a mortgage to a company or trust (that i control) that allows me to thrwart the HOA's interest by circumventing their position. If they place a lien, they would not be able to gain complete control of the property because of the first mortgage. THIS would give me more leverage to negotiate the debt down to a reasonable level that would make the deal work.

DEVIL's advocate
Can anyone punch holes in this idea to see how it might unfold on me?

Thanks!

~Tony

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