Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Foreclosure in Mililani : Real Estate Advice

  • All38
  • Local Info2
  • Home Buying8
  • Home Selling0
  • Market Conditions2

Activity 6
Mon Jul 15, 2013
Thom Colby answered:
Lpt

The HOA fees remain with the property as do the taxes. It's likely no one will buy this property unless those items are cleared. Further, a Deed in Lieu is a good alternative if you only have one loan BUT the bank likely won't do it with the HOA so high.

If the property goes to foreclosure, the bank will eventually have to pay those items before they can transfer title.

You should do a short sale and those items may be able to be cleared in the sale.

Make SURE you use a REALTOR who holds a RE license in your State.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. IN MY OPINION, there is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
THOM@THOMCOLBY.COM
DRE# 01398570
... more
0 votes 4 answers Share Flag
Mon Jan 24, 2011
Caroline M. Miller (R) answered:
Aloha. I am very familiar with your situation, and yes HOA dues do not get dismissed! However, the HOA's can be settled in a short sale. Often times your BK attorney will not answer questions about your home, etc. Sometimes the BK attorney charges additional fees if you want him to settle the real estate property for you. I have helped several home owners sell their property after Bankruptcy, and I can help you too. I know what questions to ask your lender and your home owner's association to get the process moving towards settlement! Please call me today to discuss your home situation at 630-9396.

Sincerely, Caroline Miller, Real Estate Agent, SFR, e-PRO
Prudential Locations LLC
Direct: 630-9396
... more
0 votes 6 answers Share Flag
Fri Jan 21, 2011
Oahureo Hulahomes by Realty Executives Oahu answered:
Yes , that is true HOA will and can foreclose on delinquent fees and even hold up a sale . However , we are ( legislative bill 2011) working on changing the time line to deficiency judgement to allow more time not to interupt a sale or create an unecessary foreclosure . The best thing is to have a strong Realtor who can do a pre-lim and find exactly what is owed ahead of time to see if you want to negotiate with the HOA for payment or any other liens ahead of time , so not to waste your time on the search for dream home or investment property . ... more
0 votes 4 answers Share Flag
Thu Oct 7, 2010
Bob Movin-On answered:
Yes as long as the deficiency accrues before the filing of the bankruptcy.

Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
0 votes 4 answers Share Flag
Fri Aug 13, 2010
Earl Boyer answered:
The best answer is possibly. Some states allow a lender to pursue a Deficiency Judgment, the lender sues for the difference between what is owed and the amount they receive in the sale. It can also depend on whether the loan being foreclosed was used for the initial purchase of it it was a refinance different rules may apply. The same goes for the way the IRS will treat the deficiency. if debt is forgiven it may be treated as income.

Check your mortgage documents, there should be a section that deals with Recourse. it should give you an idea of what the lender can pursue in your state. If you have been foreclosed on or are in the process check the documents to see if the lender is entitled to a deficiency judgment or are they willing to waive it. if the foreclosure hasn't taken place yet negotiate with them.

I am not an attorney or an accountant. MOST IMPORTANT get legal and tax advise from the appropriate professionals.
... more
0 votes 1 answer Share Flag
Thu Aug 12, 2010
Frank Diaz answered:
Hi Honugirl,

No one really has to pay them (to a certain point), since they have to paid to transfer title. Normally the impound account, or escrow that was built up pays them. The county and and property taxes will be paid first. The lender (or whomever owns it at the time), should make sure that it is not foreclosed on due to the taxes being delinquent. After the taxes are paid, then the mortgage, HOA (Homeowner's Association) and so on will get paid.

"taxes are in the first lien position, the tax foreclosure extinguishes all other encumbrances including but not limited to Deeds of Trust, mortgages, contracts, liens, judgments and any similar items."
See http://www.kingcounty.gov/operations/Finance/Treasury/Forecl…

Aloha,
Frank
... more
0 votes 1 answer Share Flag
Search Advice
Search
Foreclosure in Mililani Zip Codes

Followers

83