I think they can. Worse yet, if I am not mistaken their foreclosure is a judicial foreclosure, unlike the trustee foreclosure, the HOA foreclosure can sue you after the fact for any damages or losses. The can get a judgement, garnish your bank accounts.
I used to work at BofA and one of my jobs was to be a go between between the loss mitigation dept and the customers who were losing their homes. So I have seem about everything.
My guess is that the property value has come up and the bank and the HOA feel like they can kick you to the curb and get their money.
If they HOA forecloses and they end up losing money they can come after you for the loss, the bank will have to take the loss as they will be foreclosing based on the Trust Deed.
So, If your home is worth enough to pay everyone off and have some money left over, you want to file chapter 13 and stop the foreclosures and sell the home. On the other hand if you are upside down.
You basically need an attorney.
Feel free to call my office and review your situation as it is a complicated one.714-968-2500... more
Sometimes agents tailor their comps to the size of the home so rather that showing everything in your area they will show the homes that are true comps in terms of square footage. An appraiser will not take every comp in an area but will use strict guidelines that include size of the home, amount of land etc...that may be what this agent was doing.... more
You won't believe this, the lenders have a "built in" rebate of $6000 on 99% of the reverses in the market - if they are charging on the front, that is just additional fee - but you do have to pay for the appraisal upfront.
Good Luck, and don't use a reverse if the senior is going to leave the house to their heirs, the heirs will have to pay in full (the amount of the reverse plus all fees and deferred interest payments over the term of the loan) upon disposition.
hello i was wondering im in california and i want to buy a home it is an reo property but was told there is a lis pendens on the home. the home is empty but the bank has not yet put the lock on it. how long before it goes on the market for sale?... more