Purpose of this document is to get a general knowledge of how Liens work, and how to research the possible existence of them on your property of interest. NOTE: The opinions expressed below are not official legal material. Get feedback from a Lawyer before making any decision. Do your own research! Everyone County and State has different laws.
Florida is 1 of 20 Super Lien States, but 1 of 3 "Limited Lien States" http://www.usfn.org/AM/Template.cfm?Section=USFN_E_Update&template=/CM/HTMLDisplay.cfm&ContentID=6927 The super lien priority is limited to first mortgagees or their assignees taking title by foreclosure or deed-in-lieu if the first mortgage was recorded on or after April 1, 1992. If the first mortgage was recorded prior to April 1, 1992, the super lien will still be operative if the condominium declaration made reference to future amendments to the Florida Condominium Act (Chapter 718). The amount of the "super lien" is the lesser of: (a) unpaid common expenses and regular periodic assessments that accrued or became due during the six months immediately preceding the acquisition of title; or, (b) one percent of the original mortgage debt. The one-percent limitation does not apply unless the first mortgagee joins the association as a defendant in the foreclosure action. But that joinder is not required if on the date the complaint is filed, the association was dissolved or did not maintain an office or agent for service of process at an office which was known to or reasonably discoverable by the mortgagee. In the event the condominium association brings an action to foreclose its common charge lien, it may also recover reasonable attorneys’ fees.
This essentially means that Associations can foreclose on the property as a first lien priority that would gain precedence over the first mortgage!
This means that you could essentially purcahse a HOA Lien, and since it is in higher priority than a first mortgage you would own the property. HOWEVER, when notified the primary mortagee would likely buy out your HOA lien at a break even.