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  1. #1
    Join Date
    Oct 2011
    Posts
    1

    Default Lien Discovered During Closing on a Foreclosed Condo

    My question involves a mortgage in the state of: California

    This transaction is in the final stages of Escrow and was supposed to close this week but on 10/6/11 a lien from the HOA was discovered. The seller will take care of the lien but this has prevented the funding and the closing of this property which should have occurred this week. It is a Fannie Mae foreclosure. I will not know anything more until Tuesday 10/11/11 and it is unclear how quickly it can be resolved.

    I am currently in a rental with a lease that ends 11/4/11. If this continues I would have to extend my move out date at a much higher rate.

    I am the buyer. What are my options, with regard to the property purchase at this stage?

    Thanks,

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Lien Discovered During Closing on a Foreclosed Condo

    Your options are defined by your contract. If this violates a contingency, then you have a way out of the transaction. If not, discuss the contract in more detail with your real estate lawyer.

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