Foreclosure in San Ramon>Question Details

Aa7451, Renter in San Ramon, CA

My HOA just placed a lien on my house that I have not live for 2 years now. Should I pay it or just wait for for them to foreclose on my house?

Asked by Aa7451, San Ramon, CA Fri Jul 8, 2011

I've been waiting for BOFA to approve my Deed in lieu of foreclosure request, but they are taking their time. Maybe, it's faster if HOA foreclose on my house than waiting for BOFA. But, I'm concern once HOA foreclose on my house, they might also take me to court to go after me to pay the late payments. At this point I don't believe BOFA will accept my request for the deed in lieu of foreclosure since there's now a lien on my property.

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Answers

13
Hi Aa7451,

If no one pays the HOA, they can (and most of them will) take you to small claims court - even after foreclosure. Have you tried doing a short sale? This may be a better option for you than foreclosure.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
1 vote Thank Flag Link Fri Jul 8, 2011
One point of clarification - Scott is dead wrong below. In California BofA CANNOT come after you for the unpaid balance post foreclosure, as long as the loan is not a refinance. Google non-recourse loan.
0 votes Thank Flag Link Wed Sep 21, 2011
Hi
I have the benefit of working for a real estate attorney.

You may want to contact the hoa and see if it could be settled.

Have you considered a short sale?

If you do not want to keep your home a short sale may be the best thing to do. You may be able to negotiate settlement of the HOA with short sale proceeds. Or as a law firm we can settle unsecured debt out side of bankruptcy.

Things to consider: after a foreclosure you may have to wait 3 years before buying a home (FHA guidelines) after a short sale 2 years depending on hardship and curcumstances. .

If you want to keep the home lenders are working on programs that actually have principal reductions.
We just obtained two with Chase, on a 38% principal forbearance and a $60,000 principal reduction plus additional incentive if they stay current each year for 5 years.

Best of luck
JoAnna Jensen
Legal Assistant / Realtor
Volo Law
925 699 5041
0 votes Thank Flag Link Sat Jul 23, 2011
I'm so glad to know we were all able to help you. Good luck!
0 votes Thank Flag Link Tue Jul 12, 2011
Thank you everyone for all the great advise. I was so lost before I posted my question here. But, with your help I'm going to go ahead and try to do a short sale. I also scheduled an appointment with a Real Estate attorney this Wednesday.

Thanks again.....
0 votes Thank Flag Link Tue Jul 12, 2011
I echo the advice given that you should seek legal advice. HOA debt can follow you even after foreclosure.

For my clients who need the advice of a real estate attorney I suggest Robert Jacobs 925-847-8680 or Phillip Vermont 925-460-3700. Both have lots of experience in the area in which you need advice.

Good luck. Way too many homeowners are in a similar situation these days.
Web Reference: http://www.MedfordTeam.com
0 votes Thank Flag Link Tue Jul 12, 2011
AA,

Your best bet is to seek the opinion of an attorney to advise you on the HOA and foreclosure matters. I have heard mixed legal opinions from lawyers regarding HOA assessments so pick a pony ant takehim to the race. The consequences can be serious and will affect you for a long time.

I agree with others that a short sale may be advisable.
Web Reference: http://bob2sell.com
0 votes Thank Flag Link Mon Jul 11, 2011
You really need to consider doing a short sale- get out from underneath everything. A short sale is a great option, whatever you do- DO NOT FORECLOSE
0 votes Thank Flag Link Fri Jul 8, 2011
Your first step, after you read the answers here, should be to consult a real estate attorney. Have this person explain all your options, the costs (and potential costs) you may incur, and the short and long term implications of each option. Remember, you signed a legal contract when you accepted the loan to purchase the home, as well as a commitment to pay your HOA fees. How you decide to handle your inability to pay these obligations can have a long term impact on your credit and future options (buying as well as renting).

All the best as you determine the best course of action for resolving your situation.
0 votes Thank Flag Link Fri Jul 8, 2011
You are responsible for all expenses, Liens will disqualify the home for in lieu status, since taking possession of the home and the title now would make the bank responsible for these fees, and they will nopt take on your debts, they'll let you go to foreclosure before taking the in lieu!
0 votes Thank Flag Link Fri Jul 8, 2011
Hi Aa7451,
I would advise you to consult a real estate attorney to find out the best solution. I have found that most banks in California do not respond to deeds in lieu. A short sale may be a good alternative and many of us are experienced in doing them. Speak with a realtor to examine this alternative and to get the process in motion before it goes to foreclosure.
Good luck to you,
Suzanne Looker
0 votes Thank Flag Link Fri Jul 8, 2011
Either way if BOA or your HOA forecloses they can both come after you for back amounts, your best bet may have been a short sale instead of a deed in lieu. With a short sale the HOA gets paid and you can negotiate the amount with BOA and try and negotiate full forgiveness ofr the shorted amount. Have you at least met with an attorney for the first free consultation to get some direction? A listing agent who specializes in short sales could at tleast give you a proposal and opinion.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Jul 8, 2011
You should do a short sale and keep foreclosure off your credit. Why wait for either BOA or the HOA? Feel free to call anytime and I can explain the process to you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Fri Jul 8, 2011
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