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MerylM
(Idaho)
Posts:4
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| 07/31/2008 4:47 PM |
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| we are a new HOA in Idaho and jut found out one of the houses in development isgoing thru foreclosure, is there a web site we could go to to see ifthe bank has taken it over yet? |
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DonnaS
(Tennessee)
Posts:2796
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| 07/31/2008 5:33 PM |
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Meryl,
Because the foreclosure is in a HOA, the Bank will know that there are dues and they should notify you that they have done the foreclosure. In case they don't, you can go to the Clerk of Circuit Courts web site for your County and they will have any legal judgements posted. If they don't, then call the Bank as a rep of your HOA and just plain ask if they have foreclosed. |
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RobertR1
(South Carolina)
Posts:2075
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| 07/31/2008 10:08 PM |
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Meryl,
I think Donna means; "if you are on the Board, her suggestions are valid. If not, and it is important for all owners to know, search your county state house records of Deeds, etc. If you know the name use that to gather information, check local papers. Ask your Board, they should know.
Does anyone find it strange, that the information of how many foreclosures are in your HOA is considered priveledged and the Board will hide all this under executive session. Suppose that information is stark enough it can suggest a failure of the association. They have considered this under the blanket of confidentiality, they can't just go out and say, "The sky is falling, the sky is falling, run for your lifes." I make fun but change the scene a tiny bit and change this information with held to be the number of rental properties in a condominium. A figure that is a indicator of the long term health of the organization. Most lenders will question management on how many rental units there are and the managment gives this information freely, over the phone or in writing, after usully massaging it as much as they can to provide the picture they wish to convey that has been decided by some boards that deal in this subtlety. But ask what these numbers are and no one has a handle on it. I am 100%behind being open and public in writing. It is what it is..............period! |
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MaryA1
(Arizona)
Posts:2159
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| 07/31/2008 11:24 PM |
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I don't know about the Co recorder websites in other areas, but ours here in Maricopa Co, AZ do not have info posted until about a mo. after the recording.
Regarding discussion of foreclosure info in a closed session, that would be a violation of the open meeting law in AZ. |
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GlenL
(Ohio)
Posts:1362
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| 08/01/2008 2:59 AM |
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Posted By RobertR1 on 07/31/2008 10:08 PM
Does anyone find it strange, that the information of how many foreclosures are in your HOA is considered priveledged and the Board will hide all this under executive session. Suppose that information is stark enough it can suggest a failure of the association.
Robert don't paint all Associations with the same brush. While our BOD doesn't go out of the way to tell everyone that Robert's condo is the one being foreclosed on; they do not hide the fact that there is a foreclosure happening. In addition to the County website, the information is published in the newspaper under Legal Notices.
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RobertR1
(South Carolina)
Posts:2075
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| 08/01/2008 6:25 AM |
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Glen,
I suppose you mean that your board reveals how many units are in arrears and how many are being foreclosed on. I have no interest in the owners name, that is irrelavant and I read the papers daily to monitor foreclosures in the area. Better forecaster of economic condition than the business page.
Of course my concerns are directed to those Boards who use the veil of Executive sessions because they are so very uncomfortable in their position as a Board member. I also applaud boards that can run these arganizations, it is not an easy task.
Your point well taken, and agreed to. |
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MerylM
(Idaho)
Posts:4
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| 08/01/2008 7:48 AM |
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| I am treasurer an the residents have not paid the dues for 08, I hae checked our county website but no Circuit Court, I did check parcel and still listed under residentsname, no bank info |
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DwightT
(Idaho)
Posts:443
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| 08/01/2008 9:56 AM |
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Posted By MerylM on 07/31/2008 4:47 PM
we are a new HOA in Idaho and jut found out one of the houses in development isgoing thru foreclosure, is there a web site we could go to to see ifthe bank has taken it over yet?
Meryl - only one? You're lucky. 
As others have mentioned, the bank should contact you once everything is finished. But don't expect the bank to pay the past dues. More than likely any debts from before the foreclosure will be extinguished. If you look through your governing documents, you may find a clause about "Subordination of the Lien to Mortgages."
As to if the bank has taken it over yet, I don't know if you will be able to find that info online. You will probably have to call the assessors office directly and ask them. |
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RobertR1
(South Carolina)
Posts:2075
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| 08/01/2008 10:29 AM |
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MaryM,
I know we keep saying over and over again to check your documents and that is very often productive advice, however, don't have tunnel vision when you start reading. Look under headings like resposibilities of the Board, the same about the Owners. See if you can't find some requirement hat deals with what information the Board is required to have on file for each unit. Each unit must have separate file and it has to be maintained and it is the owners responsibility to see that this is done. Most covenants require that the owner HAS to notify the Regime whenever a change is made in the deed, the owners, or anything required by the local laws that effect the title and the deed. Our documents require this and that would include any action that MAY effect the legal status of the property. This all means that your regime probably is required to have all this foreclosure stuff on file in that separate folder. If it is pending, it should be there, if it is the courts it should be there and the authority to enforce this is the same as the one you signed when the place was purchased, you and they agreed legally they would abide by all the covenants. |
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SusanW1
(Michigan)
Posts:2118
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| 08/01/2008 3:01 PM |
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Are you in a single family home HOA? detached condo subdivision?
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