HOA vs.Unscrupulous bank. What is going on here? Continued from previous post.

Asked by Lynn Burke, Las Vegas, Las Vegas, NV Sat Jul 27, 2013

The mediation resulted in the bank was found to not have negotiated in Good Faith and they were not issued the necessary Certificate to Foreclose. At this point it is December of 2011, she is old and sick, she tried I'm good faith to mitigate the damages of add fees, costs, taxes, late fees, inspection fees, that are currently at 100, 000.00 That could hand been avoided in Oct. Of 2009 had they accepted the deed in lieu they told her to offer. In Dec. 2011 the house was turned over to the bank. Keys gate openers etc. The bank had the locks changed. Placed no trespassing signs and she figured they would complete the foreclosure. That is also the time she stopped paying this HOA. The back had taken the house. There was no water it power to the house. The HOA hired a collection agency and the collector sold the property no Lien or NOD is filed in CC Records. . Wouldn't the HOA have to take title before selling it?

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Lynn Burke, , Las Vegas, Las Vegas, NV
Mon Jul 29, 2013
@ Suze M. The bank originally advised her to offer a deed in lieu but when she offered it, they declined it. Then the trial mod they kicked her out of after taking payments for 4 months. Then the mediation The bank was found not to have negotiated in Good faith then the bank physically took possession of property in nDec 2011. Then a year and a half later the HOA'S collection agency sold house. No liens, no NOD filed. No foreclosure filed fIrst. Just shows a transfer of deed as if th e borrower sold it. After that the BANK sold the Note and the servicer is still charging the borrower for insurance and inspections etc on a house that is no longer attached to the Note. So the borrower is being charged for costs on a house she no longer owns, and is no longer attached to the Note.
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Jimmy Balsano, Agent, Las Vegas, NV
Mon Jul 29, 2013
Hi Lynn

I would agree with my colleague Suzie Marquardt
from Realty One Group, it is unbelievable what
these Banks & HOA"s do to the consumer there
should be better legislation to protect them.

If I can be of further assistance and answer
Any of your other questions please contact me

Jimmy Balsano
Realty One Group
Fax 1-866-371-8421
Email: jimbalsano@gmail.com

http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes
Suzie Marqua…, Agent, Las Vegas, NV
Sun Jul 28, 2013
It is sad what happens to home owners. The HOA's get away with whatever they want. If this homeowner did a deed in lieu and it was not accepted why? The problem is the banks know that very few homeowners can or will fight and not many can afford to pay an attorney. Then you have the judges with blinders on! That is another part of a huge Fraud being allowed. The banks can submit forged manufactured paperwork to the court and it is accepted at face value when the documents being presented are fraudulent . Sometimes there may be help at some of the legal aid centers. I would go to the attorney general and also file a complaint with the Securities and Exchange Commission. If the loan was securitized (another huge fraud) it falls under pooling and servicing guidelines. Also send a debt validation letter to see what they come back with. These HOA's in Nevada have Super Lien status and can do pretty much whatever they want. Can you find an attorney through legal. Aid to negotiate a resolution? I know it's not the best solution but who can afford to fight the giant when they do not play fair and have the judges in their front pocket. I have been in a battle with Wells Fargo for 9 years. I usually go right to the CEO's office at the bank to get answers. Good luck I hope your homeowner can come to just settlement.
Thank You
Suzie Marquardt
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Lynn Burke, , Las Vegas, Las Vegas, NV
Sat Jul 27, 2013
It is my understanding it then is treated as credit card debt and the bank would have to sue for breach of contract. However the bank has already shown bad faith and no attempt to mitigate the damages and in fact have done harm to the homeowner. Further the homeowner has suffered undue distress and abuse by the bank. She lives on social security which can't be levied. What do you think the chances are of a successful recovery it even the attempt would be? Have you seen many of these cases being filed? I heard the legislature is debateing this now. Any news regarding that? Who is advocating for the homeowners? So we still have property rights in this country?
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Michelle Yoon, Agent, Summerlin, NV
Sat Jul 27, 2013
Not sure if this is the same situation, but I will tell you what is going on.....
Homes are being bought from HOA's in auctions, but the Bank still has a lien on the property. So now you have a new owner with the old owner still owing the Bank. In many of these cases, the new owner is leasing the property out until the bank forecloses. The new owner would need to pay off the bank loan off to get free and clear title, but in most cases, they purchased it for just a few thousand and they can either pay off the bank as stated or just make revenue by renting it out until the bank forecloses.
For example, Investor 1 purchases a home valued at $300,000 at an HOA auction for $6,000. If the loan on the home is 150,000, then all they need to do is pay it off.. Then they own it. The problem with this is, many Home Owners do not understand this... don't pay on their HOA, get their homes sold out of under them and still owe the bank.
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Lynn Burke, , Las Vegas, Las Vegas, NV
Sat Jul 27, 2013
The collection agency sold it but the HOA didn't take title first.
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Ron Thomas, Agent, Fresno, CA
Sat Jul 27, 2013
From what I've whitnessed, the HOA may file a Lien, if it's convenient.
Then, when Foreclosure is imminent, they will cancel the Lien, because they will get nothing.
Then, they will pursue the homeowner vigorously.
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