Foreclosure in 90403>Question Details

Steveoh90403, Home Owner in 90403

If an HOA forecloses on a lien (non-judicial), and they are 3rd in line, there's a senior and HELOC 2nd lienholder; can they seek deficiency

Asked by Steveoh90403, 90403 Sat Aug 13, 2011

judgement

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I would definitely contact an attorney specializing in real estate law to assist you further. Good Luck with everything.

Ikem Chukumerije
Principal Broker, MBA
Westside Premier Estates
Brokerage | Financing | Investments
Tel: 310.927.2344 | Toll: 800.783.1421 | Fax: 310.496.0511
Web: http://www.SportsRelocation.com | Web: http://www.MillionDollarLiving.com

Licensed in NV and CA
0 votes Thank Flag Link Mon Aug 22, 2011
Do not take this as legal advice because I am in no way an attorney. I have heard of HOAs that pursue the homeowner for past dues. You should consult with an attorney though. Have you thought of a Short Sale? Good luck.

Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Rodeo Realty
http://www.Short-Sale-Vs-Foreclosure-Help.com
818-903-2040
Dre License #01712757
0 votes Thank Flag Link Sat Aug 13, 2011
Steveoh90403,

Emily Knell is absolutely right. There may be time to stop the foreclosure if you short sale the property. I work with an excellent negotiator that will work on your behalf if we list your property. Let's talk right away and see what my team can do to help you. We are certified in the short sale process.

All my best,
Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center
http://www.DotChance.com
818.339.7712

WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
0 votes Thank Flag Link Sat Aug 13, 2011
If you have unpaid HOA dues & you let your property go to foreclosure (let it go back to the bank) the HOA CAN seek a deficiency judgment against you they can set this up by way of a collection agency who will purse you after the foreclosure for the balance.

The 2nd lien HELOC can also pursue you for a deficiency judgment after the foreclosure. If you've cashed out any money on your 1st, you can get a deficiency judgment.

If you do a SHORT SALE all of these liens can negotiated & deemed paid in full with property negotiation with all lien holders.

Please email me directly if you'd like to talk about your situation in some more detail. I don't check back on this same thread for answers after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
0 votes Thank Flag Link Sat Aug 13, 2011
I was just wondering if they first took out a lien on you personally?
0 votes Thank Flag Link Sat Aug 13, 2011
You obviously have done some investigation into this;
From what I found, a Foreclosure by the HOA must be JUDICIAL, because they must first request a WRIT OF EXECUTION from the Court.

The Process, the Costs, and the outcome are all the Baliwick of the Lawyers:
I don't believe this came up too often before this current Crisis.

Good luck and may God bless
0 votes Thank Flag Link Sat Aug 13, 2011
Steveoh90403,

It sounds like you are going through a lot as a homeowner. You do need to seek legal advice. Is the HOA the only one foreclosing? I agree with my colleague that it could benefit you to try to work something out with your HOA. I am hearing more and more about HOAs foreclosing on their homeowners. They sometimes rent the properties out to try to recoup their money and then they short sale it.

Have you considered short sale as an option before any foreclosure proceedings begin? You have options, most of which can be explained to you by a real estate and/or bankruptcy attorney.

All my best,
Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center
http://www.DotChance.com
818.339.7712

WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Sat Aug 13, 2011
By foreclosing the HOA is attempting to secure their interest in your unit. It is in your best interest in most cases to negotiate with the hoa to avoid the foreclosure. You may want to seek a lawyers opinion as in most states teh HOA can attempt to collect on what you owe after the foreclosure if there isnt enough money to pay them off.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Aug 13, 2011
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