Only the first lien or senior lien wipes out subordinate liens.
Now, if the bank foreclosed 3 years ago was the first lien holder and they are the current owner of record and the HOA forecloses on the bank (owner of record) then the bank will lose ownership of the property in the new foreclosure auction.
Note: court auction properties do not convey a free and clear title.
If the HOA foreclosure is against the owner that the bank foreclosed against or a subordinate lien holder then yes it will have an impact against you as the new winning bid.
Before you bid make sure you know the name or names of those being foreclosed on by the HOA and understand your risk.... more
All the rules have changed in the last couple of months. Lending banks are now being held accountable for the trap they set, borrowing money they didn't themselves have, while using loose and illegal practices in the process. The massive lawsuit against Wells Fargo / Wachovia, Indymac / OneWest bank, Citibank, Bank of America, JP Morgan Chase, GMAC..............can actually, not only put a stop to your foreclosure, but also pause your house payments with no loss to you............
Opio...what a predicament. I'm also not an attorney but one who went through this once before.
Here's the lesson you may have learned by now. Chapter 13 is basically a repayment plan. If you fail to make a payment....all clocks start again. There may be a '2nd chance' for you and those who advised you below to contact your attorney are right. Unless you were allowed to defend yourself (Pro Se), you probably had a bankruptcy attorney represent you. This is the individual you want to contact again if your are absolutely adamant about keeping your home.
If your financial situation is such that you are coming to the hard-choice realization that you can not actually afford your place...you should be looking to get your property listed with a professional Realtor (remember, not all real estate agents are Realtors. Realtors are members of the National Association of Realtors who adhere to a strict Code of Ethics), and preferably, one with additional training and experience in handling what you are likely to need then....a Short Sale. Visit www.CDPE.com to find a qualified agent near you.
Like with every other professional, interview a few and choose one FAST. If you're not able to afford legal defense, make sure you write an update to your Hardship Letter and address it to the judge (copy to the lender's attorney), asking for an emergency hearing where you can explain your circumstances, what steps you are taking to correct it, and for additional time. The judge MAY grant this to you, depending on your situation, your demeanor and your history in the case.
You may also look for the NY Bar and see what free help they may offer. Visit your NYC's official website and search for foreclosure help resources. I'm sure NYC or the county (like Miami-Dade countyy), have online information to help folk in your situation.
Finally...please note that about 7 out of 10 people who loose their home to foreclosure, typically do so because they don't seek professional help. DON'T LET THIS HAPPEN TO YOU.
Short Sale is a dignified way out of this predicament and will typically allow you to rebuild credit and in as few as 2 or 3 years and, if you so desire, even provide you the ability to can buy again then, with financing.
After a foreclosure, it takes years for the mark to be erased (unlike a short sale), PLUS, it may affect your ability to keep a job, enter into a better paying job, and/or all activities involving credit such as getting a new credit card, keeping those you still have at decent rates, financing a car and even qualifying to rent somewhere.
In addition, foreclosure will require you to answer "yes" in any application that asks if you've ever been in foreclosed on. With all the help today, any lender will likely wonder why you allowed the situation to get so grave as to lose your home to foreclosure, rather than participate in a short sale.
Do what you can...get help...and ACT FAST. You don't have much time left. Failing a bankruptcy plan will typically put you right back at the very stage you were in before the bankruptcy was accepted by the judge. If you were within weeks or days of foreclosure, the lender will seek as remedy that they are allowed to immediately proceed and THEY WILL.
I mentioned earlier that I went through this once. I was allowed an extension and was provided the ability to sell by the judge doing what I mentioned above - I wrote, documented how I was intending to cure, requested a hearing and was granted a stay and extension that allowed me to find a buyer and move on with my life with my head up high AND YOU CAN TOO.
All the best and remember...Luck, Is When Preparation Meets Opportunity. Get ready, GET HELP and make your own luck. :-)... more