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Old 07-06-2008, 01:20 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 21,894,327 times
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Quote:
Originally Posted by pghquest View Post
If your HOA dues are going up because of foreclosures, you need new HOA representatives because even though a home is in foreclosure, HOA should still be billing the owners (i.e. the banks) who do pay their bills.
In Georgia the foreclosure wipes out the HOA lien against the property. You cannot collect it.
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Old 07-06-2008, 01:25 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 21,894,327 times
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Quote:
Originally Posted by Donn2390 View Post
My thoughts exactly. Our association only has one home that potentially may be foreclosed on, and the board is preparing for that possibility. we plan to hire a Gardner to maintain the property, if the bank refuses, and the bank will be billed for the HOA fee's, plus interest, and all landscaping fee's. If they refuse to pay, we will take them to court, just as we would an individual. That will eventually lead to placing a lien on the property which must be satisfied upon the sale of the home. You can't make exceptions for any homeowner, not even a bank.
In Georgia, under forclosure, the bank erases the past HOA dues and any liens on the property and my understanding is that the bank is neither required to maintain the property nor to pay any HOA dues until they sell the property to a new owner. The laws are 100% in favour of the bank.
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Old 07-06-2008, 05:40 PM
 
Location: Apple Valley Calif
7,474 posts, read 20,679,001 times
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Quote:
Originally Posted by KevK View Post
In Georgia, under forclosure, the bank erases the past HOA dues and any liens on the property and my understanding is that the bank is neither required to maintain the property nor to pay any HOA dues until they sell the property to a new owner.
The lien won't be put on the home until after the bank forecloses, there by making them the owner. It would serve no purpose to go after a homeowner that is being foreclosed on. We will wait until it becomes property of the bank.
You're correct, you can't collect until the bank sells the property. In the mean time, the fee's and cost keep mounting up. If it takes five years for them to sell the property, then it will cost them a lot of money when the time comes. Property will not clear escrow until all liens are satisfied.
Once the bank becomes the homeowner, they must abide by all of the rules places on the other homeowners.
I also think you are correct that the bank won't cooperate by paying or maintaining the property. After all, the bank is brick and stone, not flesh and blood. They have no heart, and no common sense. They just pass their losses on to the next sucker.
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Old 07-06-2008, 07:41 PM
 
9,638 posts, read 24,373,520 times
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In the Seattle area, they have an annual showcase of very expensive homes for sale called the "Street of Dreams". Last years models were all burnt down, except for the one model which had been sold. Although the evidence on the surface pointed to eco-terrorists ( they left a banner which read something like " We did it, signed the eco-terrorists."), it just seemed a little odd to me that the one home left unscathed was the one that had been sold.
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Old 07-07-2008, 05:32 AM
 
26,662 posts, read 40,625,613 times
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Quote:
Originally Posted by Donn2390 View Post
The lien won't be put on the home until after the bank forecloses, there by making them the owner. It would serve no purpose to go after a homeowner that is being foreclosed on. We will wait until it becomes property of the bank.
You're correct, you can't collect until the bank sells the property. In the mean time, the fee's and cost keep mounting up. If it takes five years for them to sell the property, then it will cost them a lot of money when the time comes. Property will not clear escrow until all liens are satisfied.
Once the bank becomes the homeowner, they must abide by all of the rules places on the other homeowners.
I also think you are correct that the bank won't cooperate by paying or maintaining the property. After all, the bank is brick and stone, not flesh and blood. They have no heart, and no common sense. They just pass their losses on to the next sucker.


Same here in Florida...the HOA has to wait until the bank sells the property, but if the bank doesn't maintain the property the HOA will do it and will send the bill to the bank...it happened across the street from me and the bank hired their own lawn mow company...they never fertilize, but at least the grass is cut and it looks better than the 3 foot tall grass/weeds we had before. Next to me the owner turned in the keys to the mortgage company who changed the lock on the door and hired a lawn company who even makes pictures after every mowing session. No fertilizing so I guess they will get fines soon since half the yard is like a desert and that isn't accordsing the HOA rules and hard for me the keep my grass green, but so far I still succeed.
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Old 07-07-2008, 08:58 AM
 
5,090 posts, read 10,042,008 times
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Quote:
Originally Posted by bentlebee View Post
accordsing the HOA rules and hard for me the keep my grass green, but so far I still succeed.
Green Spray Paint, anyone?

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Old 07-07-2008, 09:02 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,164,363 times
Reputation: 6374
Quote:
Originally Posted by Ira500 View Post
In the Seattle area, they have an annual showcase of very expensive homes for sale called the "Street of Dreams". Last years models were all burnt down, except for the one model which had been sold. Although the evidence on the surface pointed to eco-terrorists ( they left a banner which read something like " We did it, signed the eco-terrorists."), it just seemed a little odd to me that the one home left unscathed was the one that had been sold.
You noticed that, too...huh?

And why aren't they burning SUV's....or something else? I didn't buy it then...and don't buy it now. No way you can prove it, though....so it's just me and my theory. You're right, too. It was waaaaaaaaaay too clean.

The justification was that "Big houses hurt the enviroment." Ermm, so does burning plastic and paint and everything else involved in the freaking fire?
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Old 07-07-2008, 11:01 AM
 
4,711 posts, read 11,175,425 times
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I would think that a lot of foreclosures will burn. Kids will party in these vacant houses and who knows what will happen.

Here's one near me that burned:

http://www.drodio.com/virginia-real-...-fx6806827.php

That house sold for $568K in August 2006. Apparently, the bank is selling the burned-out shell for whatever they can get for it.
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Old 07-07-2008, 11:12 AM
 
69,360 posts, read 57,132,154 times
Reputation: 9371
Quote:
Originally Posted by KevK View Post
In Georgia the foreclosure wipes out the HOA lien against the property. You cannot collect it.
The forclosure would wipe out any past due HOA liens during the sheriff sale process because they are subbordinant liens to a mortgage (everywhere), however this does not make the bank exempt from paying HOA fees as they become due once they foreclose against the property.
Quote:
Originally Posted by Donn2390 View Post
The lien won't be put on the home until after the bank forecloses, there by making them the owner. It would serve no purpose to go after a homeowner that is being foreclosed on. We will wait until it becomes property of the bank.
You're correct, you can't collect until the bank sells the property. In the mean time, the fee's and cost keep mounting up. If it takes five years for them to sell the property, then it will cost them a lot of money when the time comes. Property will not clear escrow until all liens are satisfied.
Once the bank becomes the homeowner, they must abide by all of the rules places on the other homeowners.
I also think you are correct that the bank won't cooperate by paying or maintaining the property. After all, the bank is brick and stone, not flesh and blood. They have no heart, and no common sense. They just pass their losses on to the next sucker.
The HOA needs to simply not lien the property until after the sheiff sale takes place. Then for the bank to sell the property to a home buyer HOA fees need to be paid, just like a water or sewage bill.
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Old 07-07-2008, 11:13 AM
 
69,360 posts, read 57,132,154 times
Reputation: 9371
Quote:
Originally Posted by car54 View Post
I would think that a lot of foreclosures will burn. Kids will party in these vacant houses and who knows what will happen.

Here's one near me that burned:

Virginia Real Estate 7802 BRISTOW DR, ANNANDALE, VA 22003

That house sold for $568K in August 2006. Apparently, the bank is selling the burned-out shell for whatever they can get for it.
The fact that the home sold for $570K in August is laughable.. Here thats about a $90K home, and about $40 if it caught fire
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