Foreclosure in 78247>Question Details

Californian, Home Buyer in 78247

California-HOA is going to auction our lienWe have not paid mortgage/HOA since 2010 waiting to hear on a modification Can HOA kick us out before Bank

Asked by Californian, 78247 Fri May 4, 2012

Not sure what it means for HOA to sell our Lien? I believe this is our last program that can help us with our mortgage. I lost my job and we stopped paying both Hoa and bank. At this point if bank says sorry you dont qualify we will try to shortsale or forclose. We want to keep our house but only if we can afford it. Should we start paying Hoa before we hear back from bank

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The short answer is no. You're between a rock and an hard place, and while the HOA can foreclose before the bank, unless you've got a ton of equity in the property, it's not likely the HOA will do anything to prevent your plans.

That said, don't hold your breath on a loan mod. Sadly, only a very small percentage of them are approved, so get yourself ready for it. Put a For Sale By Owner sign out NOW and start looking to shortsale because it's going to take a very long time to do. A title company can help with the contract, and once you have one send it to your bank to see if they'll take the loss. A shortsale is only slightly better than a foreclosure, but it'll close this chapter and release you into the next phase of your life.

Good luck.
0 votes Thank Flag Link Wed May 30, 2012
In most cases the hoa can foreclose on their own. They will have to pay the first lien, so likely hood of them foreclosing is small. I am not an attorney. They are likely selling to a collection agency, so just another collector calling you.
0 votes Thank Flag Link Fri May 4, 2012
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