Ask a Real Estate Professor

[kelly]

I actually covered the foreclosure/HOA issue in a story recently. Here’s a link.

Here’s a bit from that story:

“Matthew Swain studies the reserves of homeowners associations for a company called Association Reserves. He said state civil code doesn’t specify exactly to what extent an association must fund its reserves, just that a board must act in the best interests of the association. But among the 12,000 associations served by his company, the average HOA is between about 30 and 40 percent funded, leaving the homeowners susceptible to special assessments in the future. …

Homeowners associations can declare bankruptcy, said Vicki Vandruff, vice president of the California Association of Community Managers. Vandruff has seen special assessments range up to $100,000.

But Vandruff and other HOA experts haven’t yet heard of associations declaring bankruptcy.”

[cv2]

[quote=kelly]I actually covered the foreclosure/HOA issue in a story recently. Here’s a link.

…

Neuman at Gaslamp CitySquare said he’s filing personal judgments against the former homeowners who left the building’s association high and dry when they defaulted on their units. If they buy anything in San Diego County or sell another property, the HOA has a right to be repaid.

Such a judgment costs $500 to file, a cost many boards don’t want to undertake, Neuman said.

“But if a guy owes $5,000 you may as well throw $500 after it,” he said.
[/quote]

Great article!

Thanks!

[cv2]

[quote=kelly]I actually covered the foreclosure/HOA issue in a story recently. Here’s a link.

…

Neuman at Gaslamp CitySquare said he’s filing personal judgments against the former homeowners who left the building’s association high and dry when they defaulted on their units. If they buy anything in San Diego County or sell another property, the HOA has a right to be repaid.

Such a judgment costs $500 to file, a cost many boards don’t want to undertake, Neuman said.

“But if a guy owes $5,000 you may as well throw $500 after it,” he said.
[/quote]

Great article!

Thanks!

[cv2]

[quote=kelly]I actually covered the foreclosure/HOA issue in a story recently. Here’s a link.

…

Neuman at Gaslamp CitySquare said he’s filing personal judgments against the former homeowners who left the building’s association high and dry when they defaulted on their units. If they buy anything in San Diego County or sell another property, the HOA has a right to be repaid.

Such a judgment costs $500 to file, a cost many boards don’t want to undertake, Neuman said.

“But if a guy owes $5,000 you may as well throw $500 after it,” he said.
[/quote]

Great article!

Thanks!

[cv2]

[quote=kelly]I actually covered the foreclosure/HOA issue in a story recently. Here’s a link.

…

Neuman at Gaslamp CitySquare said he’s filing personal judgments against the former homeowners who left the building’s association high and dry when they defaulted on their units. If they buy anything in San Diego County or sell another property, the HOA has a right to be repaid.

Such a judgment costs $500 to file, a cost many boards don’t want to undertake, Neuman said.

“But if a guy owes $5,000 you may as well throw $500 after it,” he said.
[/quote]

Great article!

Thanks!

[cv2]

[quote=kelly]I actually covered the foreclosure/HOA issue in a story recently. Here’s a link.

…

Neuman at Gaslamp CitySquare said he’s filing personal judgments against the former homeowners who left the building’s association high and dry when they defaulted on their units. If they buy anything in San Diego County or sell another property, the HOA has a right to be repaid.

Such a judgment costs $500 to file, a cost many boards don’t want to undertake, Neuman said.

“But if a guy owes $5,000 you may as well throw $500 after it,” he said.
[/quote]

Great article!

Thanks!

[Huckleberry]

[quote=mwtosd]What is Baron’s feeling about the CA Foreclosure affecting the tsunami coming with all the Alt-A and Opt-Arms. Will most of these home qualify for mods?

CA Foreclosure Prevention Act
http://piggington.com/this_never_ends_quotca_foreclosure_prevention_act_coming_upquot

Credit Suisse
http://activerain.com/blogsview/202178/Adjustable-Rate-Mortgage-Reset-Schedule-GRAPH%5B/quote%5D

I am also interested in your perspective on this issue…

Thanks!

[Huckleberry]

[quote=mwtosd]What is Baron’s feeling about the CA Foreclosure affecting the tsunami coming with all the Alt-A and Opt-Arms. Will most of these home qualify for mods?

CA Foreclosure Prevention Act
http://piggington.com/this_never_ends_quotca_foreclosure_prevention_act_coming_upquot

Credit Suisse
http://activerain.com/blogsview/202178/Adjustable-Rate-Mortgage-Reset-Schedule-GRAPH%5B/quote%5D

I am also interested in your perspective on this issue…

Thanks!

[Huckleberry]

[quote=mwtosd]What is Baron’s feeling about the CA Foreclosure affecting the tsunami coming with all the Alt-A and Opt-Arms. Will most of these home qualify for mods?

CA Foreclosure Prevention Act
http://piggington.com/this_never_ends_quotca_foreclosure_prevention_act_coming_upquot

Credit Suisse
http://activerain.com/blogsview/202178/Adjustable-Rate-Mortgage-Reset-Schedule-GRAPH%5B/quote%5D

I am also interested in your perspective on this issue…

Thanks!

[Huckleberry]

[quote=mwtosd]What is Baron’s feeling about the CA Foreclosure affecting the tsunami coming with all the Alt-A and Opt-Arms. Will most of these home qualify for mods?

CA Foreclosure Prevention Act
http://piggington.com/this_never_ends_quotca_foreclosure_prevention_act_coming_upquot

Credit Suisse
http://activerain.com/blogsview/202178/Adjustable-Rate-Mortgage-Reset-Schedule-GRAPH%5B/quote%5D

I am also interested in your perspective on this issue…

Thanks!

[Huckleberry]

[quote=mwtosd]What is Baron’s feeling about the CA Foreclosure affecting the tsunami coming with all the Alt-A and Opt-Arms. Will most of these home qualify for mods?

CA Foreclosure Prevention Act
http://piggington.com/this_never_ends_quotca_foreclosure_prevention_act_coming_upquot

Credit Suisse
http://activerain.com/blogsview/202178/Adjustable-Rate-Mortgage-Reset-Schedule-GRAPH%5B/quote%5D

I am also interested in your perspective on this issue…

Thanks!

[Author]

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