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Foreclosure in Silver Spring : Real Estate Advice

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  • Local Info35
  • Home Buying79
  • Home Selling13
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Activity 10
Mon Nov 6, 2017
Mmears answered:
All HOA liens are essentially subject to the following; State law and the respective HOA's governing documents. The short answer is "Yes." Some HOA's are more aggressive than others and HOA's who engage large management companies tend to be more aggressive. The general process goes something like this. The HOA renders a bill, a past due notice/s, a final notice with intent to place a lien on the property, placement of a lien, and lien foreclosure. Depending upon the HOA and/or their management company, the process may be referred to legal counsel beginning with the lien placement (even sooner). This process is spelled out in the HOA's governing documents including any fines, fees, and interest that may be included along the way. It should be noted that this can GET VERY VERY EXPENSIVE. An outstanding balance of $500 (example) could easily and quickly balloon to thousands of dollars due to legal fees and interest.

While this should not be the desired action of any HOA, remember ... it's NOT personal. The HOA Board has a fiduciary responsibility to its membership to carry out the duties and responsibilities set forth in its governing documents. Failure on their part to act could create significant liability for the organization as well as them individually.

If you find yourself in arrears for ANY reason, be proactive. Go to the HOA and/or the management company and attempt to make reasonable payment arrangements BEFORE the matter is referred to legal counsel. There is no guarantee they will be able to accept installments ... some HOA documents specifically exclude that ... but it's worth asking. And again, remember - it's not personal even though, unfortunately, there are way too many (true) stories of "nastiness" associated with HOA Boards and management companies.

Hopefully this info is helpful ...
... more
0 votes 11 answers Share Flag
Fri Aug 19, 2016
Maricris A answered:
Hello,

If you want to know more information about the foreclosure property, you may check the county record where the property is part of or you may also contact a foreclosure specialist near your area for assistance.

You can take advantage of our vast network of agents here on Trulia. You may found the link below.

To search for a foreclosure specialist using our site:

1. Go to the link that I provided, enter the location where you're at and click enter.
2. Click the 'More filters' button and choose 'Foreclosure' under specialties.
3. Click the 'Search' button.

We hope your experience with Trulia is memorable and thank you for using Trulia for all your real estate needs.

For future reference, you can feel free to contact us about this type of inquiry through our contact form here:

http://www.trulia.com/help/ask/


Regards,

Maricris
Consumer Care Advocate
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0 votes 1 answer Share Flag
Fri Jun 24, 2016
Sandraagi asked:
has been followed? This attorney obviously knows nothing about a HOA. This HOA has no disclosure notices; is not a legal Board (in CA all boards must be elected), has never had any "collections…
0 votes 0 Answers Share Flag
Wed Oct 23, 2013
The Roskelly Team answered:
Probably not, but this is a question for an attorney. If there is no lien on the house you may be in first position for a foreclosure but what are the chances the current owner, their estate or assigns would let a property go to foreclosure over past due HOA fees if they have equity. ... more
0 votes 4 answers Share Flag
Thu May 10, 2012
Akil Walker answered:
Hello Andy,


Purchasing a bank owned AKA REO property is no different then Joe seller. i would suggest you find or if you have a good agent who knows the local market. I was born and rasied in Silver Spring and the area well if you need assistance. Feel free to look on your own on my website below for foreclosures. ... more
0 votes 9 answers Share Flag
Thu Dec 17, 2009
Piero Marinucci answered:
Allie, if that's all you're willing to wait, put in 60 days. If however you can or will wait longer, put that period in there now so you don't have to worry about adjusting it later. The previous posters are correct, it could take much longer than 60 days (I've been involved in one that went almost 8 months before we got approval), or it could be done in 60 days.

As for your earnest money deposit, I would not allow it to be deposited when the seller signs the agreement. I would make sure to have a clause added to the agreement that stated your check is not to be deposited until you get approval from the bank. That way if they take too long, you don't have to worry about getting a check cut to you; you also won't have to have a couple thousand of your dollars in comeone else's account, interest free.
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0 votes 7 answers Share Flag
Thu Oct 29, 2009
Hannah Fliegel answered:
Hi Jerry,

There is a way to protect your credit prior to defaulting on your mortgage. In fact done property it actually becomes illegal for the lender to report your mortgage payment late. You would want to begin your loan modification with a loan audit. You are looking for particular violations in the loan. Once your loan audit is complete you can do a number of things. You can short sale the property, you can place a demand on the lender for a "contract rescind" you can place demands on the lender for a loan modification for your "predatory" loan, etc.
Here is a website with a free 1 hour video on the subject. If you would like the name and number of the auditor please feel free to contact me and I will put you in contact with them. Good luck!

http://www.ForeclosureOptionsNetwork.com
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0 votes 4 answers Share Flag
Thu Sep 24, 2009
Arthur Hardy answered:
More than likely is has been purchased and the transaction has not been finalized. A number of possibilities can occur on the court house steps and afterward. If you do not have vast investment skills this is not an area for your first home purchase. I am an investor as well as full time realtor and can tell you the seminars make it seem so easy. This is an easy way to lose a great deal of your money if you dont know what you are doing. Please if you are looking down this investment road get professional help with a realtor that is an investor. Otherwise you may have a better chance at the casinos.

Arthur Hardy, Realtor
W.C. & A.N. Miller Realtors
4910 Massachusetts Ave NW
Suite 119
Washington DC 20016
(202) 362-1300 office
(202) 362-3164 fax
(202) 895-2860 direct
web arthurhardyjr.com
email arthurhardy@LNF.com

Know of anyone thinking of buying or selling a home? Referrals are greatly appreciated.
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0 votes 3 answers Share Flag
Thu Sep 24, 2009
Arthur Hardy answered:
contrary to the consumers conception, property is sold, deeded and taxed based on the lot and block numbers. the address is not its tax defining id. while he used the same address which he shouldnt have since that can be confusing to buyers because the two properties are deeded and mortgaged differently any good title company will be able to distinguish and handle the sale. What you need to do is consult with your title company to insure that the transfer of your home was correctly recorded and you will like be just fine,

Arthur Hardy, Realtor
W.C. & A.N. Miller Realtors
4910 Massachusetts Ave NW
Suite 119
Washington DC 20016
(202) 362-1300 office
(202) 362-3164 fax
(202) 895-2860 direct
web arthurhardyjr.com
email arthurhardy@LNF.com

Know of anyone thinking of buying or selling a home? Referrals are greatly appreciated.
... more
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