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| Sunday, September 07, 2008
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| Author |
Messages |
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MissyS
(Florida)
Posts:48
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| 01/25/2008 9:00 AM |
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| There is a possibility that our association will take possession of a foreclosure. Our association has never done this before, and I’m concerned about potential problems we will face being the owners of the townhouse? Any input would be greatly appreciated. |
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JS1
(Nevada)
Posts:26
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| 01/26/2008 6:43 AM |
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| First I would talk to your insurance agent to make sure the property is covered. Then discuss with the title people to see that the title is free and clear. This is a whole new area for HOAs and I am sure we will learn a lot more about this as the next year uncovers more of these types of situations. In fact I'm going to a class on this topic in about 4 hours. If I learn anything good I will share. |
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DonnaS
(Tennessee)
Posts:2299
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| 01/26/2008 6:47 AM |
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Missy,
Why does your association want to take posession of a property within the association? There are so many expenses and ramifications of doing such an act. How much dues are owed for this to make it worth while? Right now, does the owner have clear Title to the Unit? Are there leins on it?
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PaulM
(Pennsylvania)
Posts:1347
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| 01/26/2008 8:36 AM |
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MissyS: Have you recd counsel to state that this is the route to take?
Foreclosure comes from payments due which remain unpaid over an extended period of time. What has led up to this solution? |
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RaymondC
(Minnesota)
Posts:64
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| 01/26/2008 6:06 PM |
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Unless you have some specific plans for the property, obtain the services of a broker and put it on the market. When it sells, put the proceeds in the reserve fund, or other places in need within the association.
In today's environment, this is a fairly common occurance, and owners increasingly are simply walking away from property they can no longer afford. We are facing our third now, but since there are mortgages their forclosures will likely prempt ours, so that we will only get our arrears when they sell the unit. Good luck, and I hope that is your only one! |
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HiltonL
(Florida)
Posts:3
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| 07/23/2008 12:06 AM |
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| WHAT EVER HAPPEN IN YOUR CASE, I AM HAVING A PROBLEM WITH MY HOA IN TAMPA HERE. I HAVE BEEN MAKING MY PAYMENTS BUT THE LAWYER REFUSE TO DEPOSIT IT AND RETURN MY CHECKS, AND NOW TRYING TO FORECLOSE ON ME, |
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GlenL
(Ohio)
Posts:1221
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| 07/23/2008 12:59 AM |
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Hilton a little more information is needed here. Generally speaking once a homeowner gets to a certain point in the collection process it becomes an all or nothing situation. I know that sounds cruel, but too many people will try to make a payment or two to stop the foreclosure and then stop paying. Or they will negotiate a payment plan and fail to live up to it and then request it again. The Association should have a written collection policy which they must follow and I doubt that your account got to this point easily or that the attorney is arbitrarily picking on you. All of the States laws are different on this matter as are Association policies but in mine for instance it would take you a minimum of not paying your assessments for 5 months to get to this point. Florida has strict statutes regarding foreclosures and it is my understanding that it cannot be started for anything except nonpayment of assessments. My advice to you is to contact an attorney to protect your rights and property and my questions are:
How many months behind are you?
Did you ever default on a repayment plan with the HOA?
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RogerB
(Colorado)
Posts:3625
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| 07/23/2008 7:04 AM |
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| Missy, what makes you think the HOA would own the property. Usually the HOA does not initiate foreclosure, it is the mortgage company. And if the HOA needs to initiate foreclosure they probably would not be the high bidder at the sale. So I doubt your HOA will be facing that problem. |
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