Foreclosure in 96789>Question Details

Lpt, Other/Just Looking in 96789

Bankruptcy attorney is no help. He got his $$. Any ideas on how to eliminate my liability on HOA dues & Property taxes until bank decides to?

Asked by Lpt, 96789 Sun Jan 23, 2011

foreclose BK went final 2/2010 & still no date for foreclosure. Attorney fees for HOA back dues now $3,200. I don't live in property any more -it's vacant. How do I terminate my ownership & liability for HOA dues & property taxes. What is a deed in lieu of foreclosure? Will this work or a quit claim deed I heard doesn't have to be accepted by the bank? any ideas?

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Lpt

The HOA fees remain with the property as do the taxes. It's likely no one will buy this property unless those items are cleared. Further, a Deed in Lieu is a good alternative if you only have one loan BUT the bank likely won't do it with the HOA so high.

If the property goes to foreclosure, the bank will eventually have to pay those items before they can transfer title.

You should do a short sale and those items may be able to be cleared in the sale.

Make SURE you use a REALTOR who holds a RE license in your State.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. IN MY OPINION, there is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
THOM@THOMCOLBY.COM
DRE# 01398570
0 votes Thank Flag Link Sun Jan 23, 2011
You can try to do a short sale. We have closed short sales after bankruptcies before. We would be happy to explain the process to you. We will settle the hoa fees through the short sale process. We are a professional short sale service. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com http://www.shortsaledepartment.com
Serving all 50 states
0 votes Thank Flag Link Sun Jan 23, 2011
As long as you own the property you are liable to pay HOA and taxes. Talk to an attorney about doing a deed in lieu of foreclosure. Essentially this is giving back the property to the bank without their incurring the expense of foreclosure. However you will have to make sure your lender and HOA will wipe your debt clean before handing over the keys. As the law varies from state to state, you really need to talk to an attorney that specializes in real estate law.
0 votes Thank Flag Link Sun Jan 23, 2011
In order to best protect yourself and any other assets you may have, it's in your best interest to consult with your attorney--if you bankruptcy attorney cannot help you, consider consulting with one that specializes in real estate.
0 votes Thank Flag Link Sun Jan 23, 2011
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