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
Your Castle Real Estate
Direct - 303-669-1246
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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.
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.
Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
5280 Magazine FIVE STAR Real Estate Professional â€“ 2010, 2011, 2012