Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I don't think that filing for bankruptcy is a smart move when he has plenty of equity.
Filing BK would only be an option to stop a trustee sale if one is eminent. It would cost him $250 to file the day of the sale which would buy him time so he doesn't lose his house and equity.
He does not have to go forward with the BK just fill out the initial paperwork.
This is bad advice. It's not at all hard for the condo corporation to foreclose when there are other liens. What would happen is that he would be out the money he paid Wells Fargo because the condo corporation can still foreclose on him.
The first mistake was purchasing a condo to begin with. They are nothing but money traps for the benefit of management companies and condo attorneys. I understand housing is very expensive there. However the answer is not purchasing a condo but rather leaving the area.
Your "friend's" option at this point maybe limited to filing bankruptcy in order to prevent a foreclosure sale of the condo. He may be able to work out a payment plan for up to five years under Chapter 13.
The Lender (Well's Fargo) is always in first lien position. The HOA will need to get in line behind Well's Fargo.
The Lender (Well's Fargo) is always in first lien position. The HOA will need to get in line behind Well's Fargo.
Not necessarily. You need to check the By Laws or the CC&Rs. There is something called Priority of Lien. I recently had a loan in CT that Fannie would not buy because the HOA had priority. In certain states, priority of lien is in our title request, some places you can get an endorsement to the lenders title. I had never heard of this until I started doing loans in all 50 states.
Selling would take too long at this point. A sales contract might not stop the wheels turning in an HOA foreclosure. There have been a lot of stories lately about HOA foreclosures, where the owner ends up losing all his equity to the HOA.
Better for him to get with a lawyer today so the processes can be stopped, before he needs a lawyer to try and recoup his equity, which may fail.
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.
If he’s not going to be able to keep up with the HOA and the mortgage once he pays off the current debts, then draining his retirement right now is not a smart move either because he’s still going to end up losing his home, and he’ll lose all the money he’s sinking now with it. He needs to talk to an independent debt counselor who can help him sort this all out.
Hello everybody just a quick update to this situation my coworker who is a custodian ended up selling his condo for $455,000 which is right down the street from YouTube where the shooting was
He is now living in a $3,000 one bedroom apartment and with his money he has bought top of the line laptops top of the line TVs top of the line Furniture again plus a $65,000 one of those Dodge Hellcat cars
Plus she has gained about 20 pounds from eating all of the good food and he is just as cranky as he was before he was out of this mess
I work at night so I don't have to deal with him but at the end of the school year I have to work with him again grr
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
