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Foreclosure in 90411 : Real Estate Advice

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Activity 15
Fri Oct 11, 2013
Heather Paul answered:
Yes, they can if they are on top of it, most of the banks will do an extension for the foreclosure REO auction date, ask your agent to push them to do this if they haven't yet. Ultimately, it is up to the bank if they want to extend the date, but 99% of them will if they have a sale that appears it is going to go through.

Have a great day,
Heather Paul, Broker Associate, Realtor
Coldwell Banker
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0 votes 8 answers Share Flag
Tue Jan 15, 2013
Douglas Lagos answered:
If the condo owner had unpaid HOA fees, and were foreclosed on the home, the HOA can pursue a deficiency judgement through a collector.

Please contact a real estate attorney for more information regarding your specific case.

Douglas Lagos
Realtor®, Certified HAFA Specialist (CHS)
DRE# 01921046
Coldwell Banker Residential
Tel. (310) 463-8088
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0 votes 10 answers Share Flag
Tue Aug 21, 2012
Elizabeth Salinas Kelley answered:

I do not see anywhere in the MLS a condo 3+3 listed in the $400K range. Maybe the listing was at auction and it's probably gone. I sell foreclosures in Santa Monica and that price doesn't sound correct. Good luck!

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0 votes 3 answers Share Flag
Fri Apr 29, 2016
Cindy Davis answered:
If you can afford the $15, that is one less creditor that will go after you!!! I presume that you are pursuing a short sale instead of foreclosing because you care about your credit. So...for such a small amount, I strongly encourage you to pay your HOA and if possible, your property taxes.

Good luck.
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0 votes 10 answers Share Flag
Sun Sep 11, 2011
Emily Knell answered:
I don't know why the property has 'gone to auction 3 times' without the property reverting back into the banks' own inventory, that sounds odd to me.

If the bank has taken to the house to auction any # of times, it's not your house anymore & you tell them to go Pound Sand & leave you alone!
562-430-3053 c
Realtor Since 1996
Main Street Realtors
Distressed Property Expert
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0 votes 15 answers Share Flag
Fri Dec 21, 2012
Richard Schulman answered:
Nothing requires you to continue paying your HOA dues. The lender takes over the property in as little as about 7 months from first missed payment. They will post notices on the door. If you have any questions, or for more options, call me directly.

Richard Schulman
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0 votes 12 answers Share Flag
Wed Aug 10, 2011
Emily Knell answered:
If the bank has not yet taken the property back you have the PRIME opportunity to still do a short sale.

Why do you want to have a foreclosure on your record? Even after your BK & after a successful short sale you can set yourself up to be in a position to purchase again in about 2yrs & get back in while the market is still at the bottom. After a foreclosure you'll be waiting 7yrs to get another conventional loan.

Please email me directly and I can talk to you about this some more. I don't look back on this same posting for new answers.
562-430-3053 c
Realtor Since 1996
Short Sale Expert
Main Street Realtors

P.S. I am successfully closing short sales within a 300mi radius of where I live.
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0 votes 16 answers Share Flag
Fri Aug 20, 2010
Mack McCoy answered:

Your HOA is not responsible for your mortgage and HOA dues while your unit is unlivable. In all probability, the HOA insurance will only cover repairs to your unit. However, some homeowner's policies will provide a housing benefit if your unit is uninhabitable - this doesn't mean that they'll pay your mortgage, HOA dues, and taxes.

It may be worthwhile to consult an attorney concerning both yours and your HOAs insurance coverage; sometimes - I know it's hard to believe - insurance companies sometimes don't fulfill their obligations without prodding.

Best wishes,
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0 votes 4 answers Share Flag
Sat Mar 26, 2011
Don Tepper answered:
See a real estate lawyer.

HOAs and condo associations like to do that. And they're often within their rights to do so. (You were still the owner, and thus were obligated to pay the fees. I totally understand your position, but so long as you were the owner, the fees were owed.)

They also love to tack on those penalties, interests, and attorney fees.

So: See a lawyer. Maybe you can negotiate the debt down to pennies on the dollar, and settle it for that. Or maybe there's something in the condo documents that relieves you of that responsibility.

Hope that helps.
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0 votes 5 answers Share Flag
Sat Mar 26, 2011
Bob Movin-On answered:
Sorry you could not work things out with the bank. HOA dues should be the last thing you pay they come after the bank and unless they want to do their own foreclosure and pay the first off (the Bank) they have no leg to stand on. If you would like some help getting back on your feet and into another home we can help. Good Luck Bob ... more
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Tue Sep 20, 2011
Ben Nicolas answered:
you are supposed to yes, if you are living there and using community resources it is very unfair to the rest of the homeowners for you to be living there and not paying...
0 votes 6 answers Share Flag
Fri Dec 2, 2016
Jodi Summers answered:
The name on title is the entity that owes the fees.
As the property is already in foreclosure, if the HOA has hired an attorney to collect the unpaid fees, the attorney is able to put a lien on the property and the HOA should receive their fees through the foreclosure revenues.


Jodi Summers
The SoCal Investment Real Estate Group
Sotheby’s International Realty
If you don't get everything you want, think of the things you don't get that you don't want. ~Oscar Wilde
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0 votes 33 answers Share Flag
Tue Jul 8, 2008
Randy Romero answered:
Are you trying to purchase this condo yourself? I would need more detail on this matter.
0 votes 6 answers Share Flag
Thu Aug 19, 2010
Lucas answered:
There really aren't all that many listings for foreclosures in SM.... and those that are decent deals get scooped up by those that see them first, like appraisers, real estate agents, and inside investors. ... more
0 votes 9 answers Share Flag
Sat Mar 26, 2011
Perry Henderson answered:
FORECLOSURE REALITY CHECK.... Seasoned investors who buy foreclosures know the REO manager at the bank and get "off market" deals. They never have to bid or find a place to learn what's available.

FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market. For government foreclosed homes, by law, they have to be priced "at market".

The REO manager has a short list of "cash/close in 2 day buyers", they always get the first right to bid. Then they have to wait for the "public auction" Which drives up those prices. After a 30-60 day period. Then the REO picks the best bid. Sometimes, only sometimes does a REO manager take a property directly to a buyer he knows peronsally. Why should he, he has a bunch of people bidding and driving up the prices.

My REO manager friend likes to joke about all the "first timers" who continue to drive up the bid when they don't hear anything from the bank. Every time I see the "how come I haven't heard from the bank about accepting my foreclosure bid after 30+ days" on trulia, I have to let out a chuckle because he's so right. For those newbies, this is real. They know that when you don't hear from them that a large percentage of people drop a second or third offer higher than the previous one. **WARNING, YOU ARE BEING TAKEN ADVANTAGE OF HERE**

You want a deal on a property right, everyone wants that.... So the moral of this story is:
1. the 60 days you have to wait to hear from a REO, you could have made 2 or 3 better deals with a property that has been on the market for a long period of time. Any realtor can help you drop a crazy offer.
2. You are attempting to make a deal in a house covered in a cloud of bad energy, don't be surprised when it rubs off. Personally I stay away from these for this reason entirely.
3. One way to get a deal is dropping a hand written note on ANY house in a neighborhood you want to buy that says "my girlfriend and I want to buy a house in this neighborhood and yours looks cute from the outside. Do you know anyone that is looking to sell?" I always get responses, better prices and positive energy into the home.
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