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Hello everyone I know someone that I just found out is 6 months behind on his mortgage payment and he just received a letter from the HOA at his condo unit that he owes $17,000 and they want their money in 30 days
This guy's really in a mess he's been in the same job for over 32 years with a school pension plan
I think he owes about 140k on the condo and the condo is worth about 425k
His loan is with Wells Fargo he is trying to work out some kind of refinance with Quicken
I think he needs a lawyer. He has no money
And then he has a couple of other loans that they take out of his check for like 400 300 400 300 he basically cannot make his mortgage payment
I kept telling him to eat peanut butter sandwiches and make his payment
I told him he should live in his van or car or rent his unit out for a year and catch up he doesn't want to do this he's hard-headed
Anyway is there anything that you think you can do this is in California
He is stressed out with this 30-day notice to come up with $17,000 for the HOA
I'm thinking if he comes up with a $17,000 for the HOA he still can go into foreclosure and lose the house after he pays
He works for the California school system he has this union pension plan I've been telling him I'm sure he can borrow against. To avoid foreclosure
I'm sure they won't give him money out of his pension to B A Good Time Charlie
But if you can prove he's going into foreclosure or the homeowners association is going to sue him for $17,000 I'm sure he should be able to take a loan out and pay that off
I told him that he should send a certified letter to the HOA telling them that he does not agree with the amount that he owes and would like to discuss it and work out a new payment plan to catch u just to stop the 30-day time limit
He should stop the other loan payments. The condo is #1 priority and you are right it's more important to pay wells fargo first then the HOA. It's very hard for the HOA to foreclose when there is a primary lien holder but it's very easy for Wells Fargo to do it.
Maybe you should tell the 'person you know' that they need to get an attorney and quick. Considering your own problem with the IRS over your back taxes and defaulted payments, do you really think you should be worrying about this 'person you know' and not focusing your energy on your own situation?
He needs a good shrink if he hasn't figured out he can't keep the place. I think that is the real issue. A fire sale would put money in his pocket and he can get on with his life. But it sounds like the horse is circling the lake.
How do you get 17k behind in hoa? That's like 3 years at least.
Yes you're right he has not been making payments for like 3 years he fell behind and started a payment program and then fell behind so you're about 3 years plus $5,000 and interest
He basically does not pay his bills and spends his money on food
I told him to eat peanut butter sandwiches are getting roommate he doesn't want to hear it
How do you get 17k behind in hoa? That's like 3 years at least.
You're right he is 3 years behind by starting a payment plan and stopping
He deserves everything he's going to get
I just work face-to-face for 3 hours a day with this person
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