Foreclosure in Salem>Question Details

Kathie, Home Owner in 34698

How long does the foreclosure process usually take?

Asked by Kathie, 34698 Tue Jan 17, 2012

I own a condo in a 9-unit association in Salem, MA.
one of the unit owners died in November of 2010.
she left no will & her family doesn't want the unit.
the mortgage is held by Chase.
a foreclosure notice was delivered by mail from a lawyer in Newton, MA who is representing Chase in November 2011.
the association hired a lawyer who put a lien against Chase to collect delinquent condo fees.
nothing yet & we are behind close to $3000.
can the condo association take possession of the unit & sell it?
i know at least 10 people who would love to buy it!!

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Heath Coker’s answer
You should contact the attorney general in MA and follow their advice. The foreclosure can take up to 18 months, but the AG in MA has a suit filed against many of the big companies that may force them to delay that. Get current with the condo fees at least. You also need a good probate attorney that knows how to handle an intestate demise.


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0 votes Thank Flag Link Thu Jan 19, 2012
Kathie,

That is correct what Chase told you - they do not sell property. They hire an asset management company and a local agent to do that,

Do your condo docs have any provisions for first right of refusal?

Amy
0 votes Thank Flag Link Wed Jan 18, 2012
Unfortunately the process could take a very long time, maybe a year. Sorry for the bad news but the banks are so backed up and disorganized not to mention this seems like a special situation.

Good luck!
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0 votes Thank Flag Link Wed Jan 18, 2012
They hold them for a while even after they forclose. It could be two years. The association could buy it and sell it to your 10 people. Speak with your lawyer. I'm sure the family has a lawyer as well. At least you will get an answer.
0 votes Thank Flag Link Wed Jan 18, 2012
Kathie this can take a very long time, probate and foreclosure....Thats a doozy! Look elsewhere. No the assoc cannot take posession, after the probate and foreclosure the bank will sell it like any other listing. With probate however and no will it could take over 1 year
0 votes Thank Flag Link Wed Jan 18, 2012
@Louis...we CAN'T present an offer to the family! they walked away & want NOTHING to do with the property.
i spoke to someone in the foreclosure department at Chase. i asked if we could make them an offer to purchase the property. the reply was, "Chase does not sell property".
'bring mortgage current with escrow money'?? what escrow money? whose escrow money?
the balance on the mortgage is $107, 000 +/-.
i called the city of Salem assessor's office. property taxes aren't being paid on the unit, right? they had no information for me & don't care.
so...i am assuming that a buyer would expect to make an offer of $110,000+? to cover the mortgage & delinquent taxes & condo fees?
it's only a 4 room/1 bedroom condo, but it's in immaculate condition & it's 3 houses from the ocean in a very desirable neighborhood.
if it was listed for $125,000, it would sell in a week!
0 votes Thank Flag Link Wed Jan 18, 2012
Your attorney should be able to put this together, its rather simple, Get offers from the 10 people you know that would love the unit. Present them to the family members, get accepted offer, bring mortgage current, with escrow money, secured by a second, til closing, at closing bring condo fees current. That is assuming that the subject property is not a short sale or under water. There are many similar options available, I know most ot the newton real estate attorney's and they should be able to guide you. If not let me know.

Condo associations typically have 1st right of refusal as well.
0 votes Thank Flag Link Wed Jan 18, 2012
The owner who died left no will, so the matter NEVER went to probate. Believe me, I've made more than one call to Probate Court.
Harmon Associates, PC in Newton, MA is the lawyer representing Chase. The woman I spoke to there about the matter was down right nasty!
I guess the answer that I was looking for is....how long in the foreclosure process before the unit goes to Auction or gets turned over to a real estate agent to sell it. 1 yr? 3 yrs? 5 yrs?
We thought about letting a 'squatter' live in the unit for really cheap rent so that the condo association could collect SOME money. But, decided against it because there is no homeowners insurance on the unit.
National Grid has NOT shut off the electricity! Both heat & lights are working. We've received several notices stating that someone would be by to change the locks & check the condition of the unit. That started about 9 months ago and...you guessed it! No one has been by.
our lawyer HAS put a lien against Chase to collect delinquent condo fees, but no word yet from him.
it's just frustrating!
0 votes Thank Flag Link Wed Jan 18, 2012
Kathie,
The condo association can foreclose on the unit to recover delinquent fees. Your attorney is the best to handle this. I'm sure it will be more complicated because of the fact that the owner is no longer alive and it may have to go through probate. Again, the association's attorney should handle this, and hopefully is knowledgeable in this area of the law. Typically, a lender will not pay more than 6 months of fees when then foreclose, which is running about 18 months from the time the owner is first delinquent on mortgage payments. If you really know someone who wants to buy the unit then you may want to contact the foreclosure attorney to find out when the auction will be held. A good real estate estate agent should be able to investigate it for you. Good luck.
0 votes Thank Flag Link Tue Jan 17, 2012
Kathie,

Chase has never put it on the market? It could still be in probate with the family.

Amy
0 votes Thank Flag Link Tue Jan 17, 2012
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