This is a foreclosure and money collection action on a condominium apartment in Isla Verde. The property secures a second mortgage of $12,000 originally made in 2004, now held by Fortaleza Equity Partners through E.M.I. Equity Mortgage. A senior first mortgage of approximately $128,102 remains in place and will survive the sale, meaning the winning bidder takes the property subject to that prior lien. The amount owed on the second mortgage is $12,270.15 plus accrued interest. The appraised value is $12,000, with minimum bids stepping down to $8,000 and $6,000 in subsequent auctions. Investors should conduct title, lien, and occupancy due diligence, verify the status and payment obligations of the first mortgage, confirm condo fees and special assessments, and assess the property's physical condition and rental income potential in the Isla Verde market.
303B Apt. La Pozada Isla Verde · 00979 · Puerto Rico
Condominium unit 303-B in La Posada development, Isla Verde, Carolina. The unit has 1,010.63 square feet (93.89 square meters) of private area. It is bounded north by a partition wall separating it from apartments 301-B and 302-B, plus a common stairway and laundry area; south by a wall with sliding doors opening to a small balcony overlooking the parking area between buildings A and B, and a wall separating it from the upper level of apartment 206-B; east by a wall separating it from the bathroom of apartment 302-B and another wall overlooking the parking area; and west by an outside wall with windows overlooking an adjacent vacant lot. The unit consists of a large living and dining area, kitchen, laundry facilities, two bedrooms, and one bathroom. Quota in common elements: 3.06%; restricted common elements: 4.25%. Registered at Folio 16, Volume 870, Carolina Norte, Finca 39,658.
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