As i work for a law firm as well as being a licensed agent, we defend these defaults and foreclosure sales daily. Here is Nevada there are very specific laws that all of the foreclosing entities must follow. typically here in Clark County there would be a Demand followed by a notice of default and then proceeding on to foreclosure. I would strongly encourage the homeowner to contact a licensed attorney who practices Real Estate Law. As I am not an Attorney, this is not to be intended as legal advise.
Let me know if you have more questions.
Real Estate Masters, LLC.
The exact same thing happened to me, and the whole thing reeked of shadiness. We went to court and they magically had receipts to certified letters I never received. All of them were returned, but they held up in court and I had to vacate the house. So I basically lived in our house and was current on my loan for 4 months, and someone else already owned it.
What made everything worse was that our lender didn't put a lien on the house when they bought the loan from MetLife, so not even they knew any of this happened.
Long story short, the other lawyers are holding on to the remainder of the auction money because they claim they don't know who it should go to, and I'm still stuck with 190k loan. Neither our lawyer or lender is being helpful. It's been almost a year and my credit is being ruined as we speak.
I would check out the Clark County Recorders site. Which will tell you what notices and liens have been filed and recorded against the property. This way you can see if the notices were filed correctly. Which may be able to give you some leverage if they weren't filed.
Just an FYI: there is no redemption period in Clark County, Nevada.
Unless we are talking about a Judicial Foreclosure or Tax Liens.
Buying the HOA lien does not wipe out the mortgages. The investors are looking to get CASH from renting out the property, or getting paid off once the property sells. HOA liens in the State of Nevada are a super priority lien.
Either call the investor yourself on the clients behalf, or have her lawyer call to negotiate or work something out with the investor.
I have heard that some investors are getting burned by buying these HOA liens. That when they try to get financing on the property there not able to. Don't know how accurate this is.
Best of Luck,
Barrett & Co., Inc.
Over the last year banks have not been foreclosing often or even sending notices of defaults... but guess what? MERS won the recent suit, and after Holidays expect to get foreclosed on if you haven't been paying your mortgage.
The Investor who purchased the home must evict her in the same manner as a regular foreclosure. If she is the previous owner this means formal eviction. (Takes about 6 weeks) She should answer the 5 day at the court by filing an answer & the investor will have to serve a 3 day followed by a long form unlawful detainer suit. She would be best served by agreeing to rent the property from the Investor until she can move on her own terms.
If the homeowner wants to save the home, I would advise to seek immediate legal counsel. There are right of redemption laws related to HOA foreclosures in which the previous owner can pay all delinquency monies and fees within a certain timeframe and regain their home. Time is essential in this regard.
In the case I saw locally, the HOA wanted to sell the home after the right of redemption period , but the home was already undergoing foreclosure by the bank who had no idea the HOA was the owner and it was quite a mess. Anyway, good luck.
Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
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