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Old 03-04-2019, 11:15 AM
 
Location: Florida -
8,639 posts, read 10,455,833 times
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Quote:
Originally Posted by jencam View Post
They can foreclose on that lien.
Yes, they can.... However; HOA and other liens stand in line behind mortgage lien/s - and unless the bank is also foreclosing, the others cannot jump to the front of the foreclosure line.
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Old 03-04-2019, 03:30 PM
 
Location: Lakewood Ranch, FL
5,228 posts, read 7,908,757 times
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Quote:
Originally Posted by jghorton View Post
Yes, they can.... However; HOA and other liens stand in line behind mortgage lien/s - and unless the bank is also foreclosing, the others cannot jump to the front of the foreclosure line.
But....the others can still foreclose and take ownership subject to the government and the lender(s) liens. That's small comfort to the person whose property is taken.
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Old Today, 06:12 AM
 
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Quote:
Originally Posted by bbronston View Post
But....the others can still foreclose and take ownership subject to the government and the lender(s) liens. That's small comfort to the person whose property is taken.
Right. Here a lot of people feel it's not in the best interests of the HOA to do that when there is a first lien. Others feel it 'sets an example' and should be done anyway.
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Old Today, 06:47 AM
 
Location: Lakewood Ranch, FL
5,228 posts, read 7,908,757 times
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Quote:
Originally Posted by jencam View Post
Right. Here a lot of people feel it's not in the best interests of the HOA to do that when there is a first lien. Others feel it 'sets an example' and should be done anyway.
When our board did it, it was done out of desperation. We were burning money with an attorney trying to collect debts that clearly were never going to be paid. We finally decided our only choice was to foreclose and rent the units for as long as we could until the lender finally foreclosed on us. In those days, lenders were extremely slow to foreclose which meant longer periods of time before the association would get a new owner paying the fees. At least, by foreclosing, the association recovered some of the lost money we needed to pay for deferred maintenance caused by those who couldn’t or wouldn’t pay.
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