Foreclosure in Denver>Question Details

acquijada27, Other/Just Looking in Denver, CO

Do I need to keep making my mortgage payments if my HOA foreclose on my condo?

Asked by acquijada27, Denver, CO Mon Apr 15, 2013

I owe my HOA $3,000 and I received a letter from the HOA saying that I need to evict my house on a certain date and time. What are my options

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11
Aquijada27,

This is a good question, although sorry to hear you are in this predicament. There are certain situations that allow the HOA to foreclose on a condo. At this time I would suggest two things. 1st contact the Colorado Foreclosure Hotline - 1- 877- 601- HOPE(4673). first thing in the morning for free aissistance. If you need something more you will need to contact a good Real Estate Attorney to represent you. Hopefully there will be a way to work this out and you can keep your home.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
Search Denver Homes
http://about.me/robertmcguire33
1 vote Thank Flag Link Mon Apr 15, 2013
A) Consult an attorney who knows real estate law, like Daniel Markofsky at Feldman-Nagel. B) Repeat. http://www.linkedin.com/company/feldmann-nagel-&-associa…
1 vote Thank Flag Link Mon Apr 15, 2013
Placing a lien on a home and giving your account to a collections agency is typical for nonpayment contact an attorney for legal advice. It is your credit rating keep it as good as you can or you may regret it in the future.
0 votes Thank Flag Link Tue May 21, 2013
You could call the HOA management. They often will work with you. You can ask them if you can set up a payment plan with an aim to make up the payments when your situation changes.

Placing a lien on a home or handing over your account to a collections agency are the typical scenarios for nonpayment.

As others have noted, real estate agents do not give legal advice. You should contact a lawyer or a legal service for that.
0 votes Thank Flag Link Tue May 21, 2013
Contact an attorney for legal advice.

Visit our web site at http://www.RealEstateMetroDenver.com
0 votes Thank Flag Link Sun Apr 21, 2013
I would get in touch with a real estate attorney.

If you owe the HOA past due payments, sometimes they will work with you and let you come up with a settlement amount to get back on track.

If you stop paying your mortgage, the lender will eventually foreclose on you and take the title from you/ the HOA. HOAs normally foreclose and then try to rent the property to make up for backed payments.

It really depends on what the letter says and if the HOA has already foreclosed. You can pull up foreclosure auctions on the County Clerk of Court website. If they foreclosed, you should have received notice.

But, again, I would contact an attorney and also a financial professional. You'll want to fully understand the ramifications of foreclosure before you just stop making payments. If you can pay, you may not want to take the hit to your credit and everything else.
0 votes Thank Flag Link Tue Apr 16, 2013
Sorry to hear about your situation. I agree with the other answers and reach out to a real estate attorney and the Colorado Foreclosure Hotline - 1- 877- 601- HOPE(4673). Best of luck!

Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
720-329-1470 |Bill@DenverRealtorForLife.com
5280 Magazine FIVE STAR Real Estate Professional – 2010, 2011, 2012
0 votes Thank Flag Link Tue Apr 16, 2013
HOA's generally do not want the real estate, they want their money. Call them, explain the circumstances and attempt to work out a solution. Regardless, you can buy enough time to sell the property provided you do not have to attempt a short sale. If there is equity in the property and you want to continue living there, call me and we can work out a solution.
0 votes Thank Flag Link Mon Apr 15, 2013
You have received good advice in all of the responses below. However, if you are unable to employ an attorney due to potential cost, you could also ask the HOA if they would consider allowing you to short sale the property. This would allow you to avoid foreclosure and quite possibly with no out of pocket expense. What is the date and time that the HOA has asked you to vacate the property?
0 votes Thank Flag Link Mon Apr 15, 2013
You do have options but you need to talk to a real estate attorney. You might also check out coloradoforeclosurehotline.org
0 votes Thank Flag Link Mon Apr 15, 2013
Rick is right. You need a lawyer at this point.
0 votes Thank Flag Link Mon Apr 15, 2013
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