No. It’s probably similar in terms of lien priority, though. It’s a condominium assessment lien.
Is it extensive or just a missed payment? Sometimes, it’s easier to clear the lien if it’s small.... either way, it will have to be cleared unless there is a question about proof of actual payment or not.
A condo/HOA lien is just behind the IRS and local RE tax in priorities. In FL a number of HOA’s have foreclosed on the REO properties because the banks did not pay the fee. this priority is usually by state statue but could also be in the original condo/HOA filing defining its priority.
It may cost a couple of hours to have an RE atty research and confirm the priority.
I buy tax liens but I am not a RE atty, althought I slept in a Holiday Inn once so what does that make me, just another a-hole with an opinion.
Condo liens are nothing to mess around with. In my state, condo associations have great powers (more than lenders in many ways), and they can basically come in and do a private foreclosure sale of your property in 30-60 days if you don’t pay the lien. What happens generally is that folks don’t bid at the sale so the Association gets the property, and you the owner get nothing. The mortgage lender still has a priority that is not wiped out by the Association’s foreclosure, so the Association’s interest is subject to the lender’s lien, but the Association doesn’t care. They know it can take a year to two years for the lender to be able to foreclose, and in the meantime the Association rents out the unit on a short-term rental basis and makes money until the lender then takes the property back or sells to another person.
The lien has been placed on the property by the condominium association?