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Old 09-28-2008, 05:26 AM
 
7,104 posts, read 9,698,581 times
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It would seem to me that the by-laws of the HOA and the convenants of the community would be specific as to what action will and must be taken.All other actions that "might" be taken by the HOA are meaningless.

The most helpful information to a person "in trouble" will be that person's knowledge of what committment they signed, their responsibilties and their liability. They should take the bull by the horns and find out how much trouble they are in....legally. Then plan a course of action as to how they can keep a roof over their heads.

Really no different than the past few weeks of nose dives by financial institutions....is it?
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Old 09-28-2008, 05:44 AM
 
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Default How can you step ahead of my lender?

I can fully understand a lien being placed on the property. What I don't understand is how the HOA steps in front of the primary lender to foreclose.
Yes, I know it can happen but does anyone understand how expensive this might be for a HOA? Where would the HOA get this kind of money to spend on legal and what would be the net net gain?
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Old 09-28-2008, 06:02 AM
 
2,152 posts, read 6,056,769 times
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Quote:
Originally Posted by johne482 View Post
I can fully understand a lien being placed on the property. What I don't understand is how the HOA steps in front of the primary lender to foreclose.
Yes, I know it can happen but does anyone understand how expensive this might be for a HOA? Where would the HOA get this kind of money to spend on legal and what would be the net net gain?
You would be very surprised how much an association can make on a foreclosure...in a "cash rich" HOA you can gain a few grand.
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Old 09-28-2008, 07:53 AM
 
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Quote:
Originally Posted by Jake Ryan View Post
You would be very surprised how much an association can make on a foreclosure...in a "cash rich" HOA you can gain a few grand.

How?? How do you step ahed of the first lender and make a few grand?

I'm not disputing. I here to learn.
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Old 09-28-2008, 08:03 AM
 
Location: State of Being
35,885 posts, read 67,009,663 times
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Do all you can to try to negotiate w/ the HOA. I would call everyone . . Pres of HOA, attorney . . . do all you can to get a meeting.

Do you have any credit left on a credit card? I know borrowing off a credit card is horrific w/ high interest, but if that is the only way you can get the cash, do it. That is unsecured debt, so at least if you get behind on CC payments, they can't seize your property.
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Old 09-28-2008, 11:30 AM
 
16,301 posts, read 24,893,102 times
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Quote:
Originally Posted by RionDeshon View Post
I bought a condo in the Charlotte area 5 years. As many of you know already the Charlotte real estate market is not the best that we have seen. Subsequently, I have fallen into a bad financial situation and need some advice.

I pay a mortgage and HOA fees due each month. I lost my job about 2 years ago and was unable to pay both. Well luckily my mortgage company worked with me and modified my loan allowing me to keep the house and pay a higher mortgage for 6 months and get caught up. Due to the increased payment I was unable to pay my HOA fees, as a result they placed a lien on my home. I thought that the lien just had to be paid before I sold the home. Well now they are trying to forclose on my home because I have not paid the delinquent ammount. Do I have any rights, or options to help me save my home, AGAIN!!!!???
You need a lawyer, not opinion from anonymous people on the internet.
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Old 09-28-2008, 11:37 AM
 
Location: State of Being
35,885 posts, read 67,009,663 times
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Quote:
Originally Posted by Asheville Native View Post
You need a lawyer, not opinion from anonymous people on the internet.
I believe our OP came here b/c he/she cannot afford an attorney. If he/she had $2500 or more to retain an attorney and pay hourly billing rates, then he/she would have used it to pay the HOA, I would assume.

There may be no choice but engage an attorney (wh/ many of us have suggested as the best route) but w/o resources to do that . . . the best thing is to see what can be negotiated w/ the HOA and/or their attorney.
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Old 09-28-2008, 02:17 PM
 
2,152 posts, read 6,056,769 times
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Quote:
Originally Posted by johne482 View Post
How?? How do you step ahed of the first lender and make a few grand?

I'm not disputing. I here to learn.
She's not being foreclosed by the lender if I read this right. The HOA can put a lien on the house and once it goes to negotiation they can negotiate for a higher amount than what is owed.
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Old 09-28-2008, 02:57 PM
 
7,104 posts, read 9,698,581 times
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Quote:
Originally Posted by Jake Ryan View Post
She's not being foreclosed by the lender if I read this right. The HOA can put a lien on the house and once it goes to negotiation they can negotiate for a higher amount than what is owed.

Jake--in the next to the last line of her posting she says they are trying to foreclose.

By "higher amount of what is owed" I assume you mean interest carrying charges? I would not be surprised if the HOA would like to past all legal charges to her also if there ever was any money left after the sale of the house.

Question---is every detail regarding convenants, by-laws, rules etc. covered in a disclosure statement at closing? I would assume so but I have experienced some different methods at closings in CLT vs. other states.
ie: one lawyer cloasing both sides of the deal.
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