Definitely get a real estate lawyer immediately. How about the one who represented you earlier? (Or maybe that's not such a great idea, considering where you've ended up!)

If the HOA truly foreclosed, and the court allowed you one year to buy back the property, then (and I'm not a lawyer, so this isn't legal advice) it sounds as if the HOA may actually be the owner of your property. And that could mean that they, not you, should be paying the mortgage. Find out from a lawyer what the real situation is.

AJ and Jodee are correct that HOAs (at least around here) usually attach a lien, payable when the home is sold. However, I once lived in a condo in DC in which a relatively small (under $1,000) disagreement between an owner and the condo association escalated to the point where the association actually did foreclose on the property. So, it can and does happen.

If you really do have equity in the property and want to sell immediately...and if you are able to redeem your property (or whatever the process is)...you shouldn't have a problem finding an investor to advance you the money you need, in return for a share of the profits when you sell.

Good luck.

Jobe,
It sounds like the best bet would be to seek legal advise from a Good Real Estate Attorney. The odds are; that the HOA now is co-owner of your property or may own it outright. It is too bad that you let the Foreclosure happen and not take action. Does the Mortgage Company know that the HOA lien was foreclosed on?

Leslie Drake is a real estate attorney 425-822-1511x223. I would check with an attorney that specializes in real estate before proceeding with anything else. If they say you can sell I would interview listing agents and put your property on the market asap and if you have the ability make sure it is showcased and has easy accessiblity to show to maximize your selling price and minimize your selling time.
Mary

Steve,
We still pay our mortgage every month. At this point I think everyone is right and I should consult a real estate attorney. Thanks for everyonese help.

Jobe,
I'm sorry to hear about your predicament. Generally when a property is taken through the foreclosure process ownership transfers to the prevailing party in this case your HOA. That said, their foreclosure may not have eliminated other lien holders (ie, Mortgage Lender) that hold a higher position as far as creditors with stakes in your property. While your agreement allows you to remain in the home, does the court finding provide any other priviledges? Are you continuing to make mortgage payments or do you now pay rent to the HOA? I'm not sure there's any quick answer to you inquiry and most likely you need to consult a real estate lawyer who can advise you further. Good luck.

Without knowing the particulars of your situation, you should get any money that exceeds the amount of the assessment, legal fees, interest, etc., associated with the foreclosure. A foreclosure is not a means to confiscate money beyond what is owed to the party that foreclosed. If you have an attorney for the foreclosure check with to confirm this and work your butt off to sell before the year is up if it is! Here in VA, condos & HOA's usually file a Memorandum of Lien to secure their interest against the property and collect it at the time of a change in property ownership, but generally don't actually foreclose.

Good luck, I hope this helps...

Don,
I am sure we have equity we purchased the property for 200,000$ 3 years ago owe roughly 185,000 on it and it is worth atleast 300,000 if not 315,000 as of right now (based on comps in the same complex). The assessment was for 7,000$ a years worth of dues and attorney's fees. We were not in a position to sell the condo at the time of the foreclosure and there were many extending circumstances including deception etc... from other parties. Thanks for your help I appreciate it all.

There's a lot of questions that need to be answered. Are you sure you have equity? How long ago did you purchase? Did you put any money down? How large was the assessment? If the HOA foreclosed on a lien my guess is that you knew you had problems for an extended time before this occurred. Why did you wait so long to consider selling? Your right to remain in possession for a year may not give you the right to transfer ownership to another individual. If there was a full foreclosure you don't have title to convey. You should consult with a HOA representative to get a better understanding of what your situation really is. This may be a problem for an attorney to investigate.