Foreclosure buyer blindly acquires $200K mortgage

Foreclosure auctions present many challenges to buyers who don’t know what kind of deal they are getting into.

Business Insider revealed the story of a Florida couple who acquired a home via a foreclosure auction website, believing they had purchased a great property for just $16,000.

Later, the couple found out they also bought an existing $200,000 mortgage. Making matters worse, the original owners were still in the home after their homeowner’s association filed the foreclosure action due to their failure to pay monthly dues.

The story highlights the complexities of the foreclosure auction for buyers who do not do their research.