- This topic has 15 replies, 4 voices, and was last updated 13 years, 4 months ago by
ucodegen.
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March 28, 2011 at 6:23 PM #18670March 28, 2011 at 6:40 PM #681335
SD Realtor
ParticipantTo be honest I have never seen an HOA take possession of a home so this would be a first to me. When a lender sells your home at trustee sale the lender needs to issue a notice of default and notice of trustee sale. I would imagine, but am not positive, that the HOA would need to do the same. You need to review the CCRs and HOA documentation to find out. If you cannot find that then you need to contact the property manager or HOA itself to get the information. Whoever gets the home will still be subordinate to whatever loans you have on the home.
The real question here, and sorry to be blunt, is how can you have been so out of touch as to fall so far behind that they are considering a trustee sale?
March 28, 2011 at 6:40 PM #681389ParticipantTo be honest I have never seen an HOA take possession of a home so this would be a first to me. When a lender sells your home at trustee sale the lender needs to issue a notice of default and notice of trustee sale. I would imagine, but am not positive, that the HOA would need to do the same. You need to review the CCRs and HOA documentation to find out. If you cannot find that then you need to contact the property manager or HOA itself to get the information. Whoever gets the home will still be subordinate to whatever loans you have on the home.
The real question here, and sorry to be blunt, is how can you have been so out of touch as to fall so far behind that they are considering a trustee sale?
March 28, 2011 at 6:40 PM #682005ParticipantTo be honest I have never seen an HOA take possession of a home so this would be a first to me. When a lender sells your home at trustee sale the lender needs to issue a notice of default and notice of trustee sale. I would imagine, but am not positive, that the HOA would need to do the same. You need to review the CCRs and HOA documentation to find out. If you cannot find that then you need to contact the property manager or HOA itself to get the information. Whoever gets the home will still be subordinate to whatever loans you have on the home.
The real question here, and sorry to be blunt, is how can you have been so out of touch as to fall so far behind that they are considering a trustee sale?
March 28, 2011 at 6:40 PM #682146ParticipantTo be honest I have never seen an HOA take possession of a home so this would be a first to me. When a lender sells your home at trustee sale the lender needs to issue a notice of default and notice of trustee sale. I would imagine, but am not positive, that the HOA would need to do the same. You need to review the CCRs and HOA documentation to find out. If you cannot find that then you need to contact the property manager or HOA itself to get the information. Whoever gets the home will still be subordinate to whatever loans you have on the home.
The real question here, and sorry to be blunt, is how can you have been so out of touch as to fall so far behind that they are considering a trustee sale?
March 28, 2011 at 6:40 PM #682499ParticipantTo be honest I have never seen an HOA take possession of a home so this would be a first to me. When a lender sells your home at trustee sale the lender needs to issue a notice of default and notice of trustee sale. I would imagine, but am not positive, that the HOA would need to do the same. You need to review the CCRs and HOA documentation to find out. If you cannot find that then you need to contact the property manager or HOA itself to get the information. Whoever gets the home will still be subordinate to whatever loans you have on the home.
The real question here, and sorry to be blunt, is how can you have been so out of touch as to fall so far behind that they are considering a trustee sale?
March 29, 2011 at 7:22 AM #681395EconProf
ParticipantYou will undoubtedly get plenty of chances to get up to date on HOA fees and late fees.
The question remains, how did you get yourself into this pickle?March 29, 2011 at 7:22 AM #681449ParticipantYou will undoubtedly get plenty of chances to get up to date on HOA fees and late fees.
The question remains, how did you get yourself into this pickle?March 29, 2011 at 7:22 AM #682065ParticipantYou will undoubtedly get plenty of chances to get up to date on HOA fees and late fees.
The question remains, how did you get yourself into this pickle?March 29, 2011 at 7:22 AM #682206ParticipantYou will undoubtedly get plenty of chances to get up to date on HOA fees and late fees.
The question remains, how did you get yourself into this pickle?March 29, 2011 at 7:22 AM #682558ParticipantYou will undoubtedly get plenty of chances to get up to date on HOA fees and late fees.
The question remains, how did you get yourself into this pickle?March 29, 2011 at 1:33 PM #681474ucodegen
ParticipantHow far behind are you in HOA dues?
You may want to check the “Davis Stirling Act”. Also consider getting an Attorney. Have them check through the act to make sure your HOA is compliant with the law. Most HOAs are currently ignoring Davis Stirling, and this can really throw a wrench in their gears – particularly the aspects with auditing and financial records.
There are many questions as to the veracity of an HOAs authority to take possession of a property, but that authority does presently exist. I can not find any ‘minimum’ lien limit on when an HOA can start proceedings for a trustee sale at present. This means they can push a trustee sale on past dues of under $10k on a property worth $900k or more.
The Davis Stirling Act issues can temporarily place a roadblock on the Trustee Sale (ie, the HOA may have to start doing internal audits if their record keeping is not up to snuff – and the fact that they may have to do audits may place the Trustee Sale on hold because of questions on record keeping). This will not make anything that is owed the HOA go away. It is still owed. It is a tactic to gain time.
NOTE: Dues owed an HOA can accrue at 12% annually at a period of 30days after they become due. Considering that the dues are secured by your property, ie a secured debt, this is a high rate – and legal.
March 29, 2011 at 1:33 PM #681528ParticipantHow far behind are you in HOA dues?
You may want to check the “Davis Stirling Act”. Also consider getting an Attorney. Have them check through the act to make sure your HOA is compliant with the law. Most HOAs are currently ignoring Davis Stirling, and this can really throw a wrench in their gears – particularly the aspects with auditing and financial records.
There are many questions as to the veracity of an HOAs authority to take possession of a property, but that authority does presently exist. I can not find any ‘minimum’ lien limit on when an HOA can start proceedings for a trustee sale at present. This means they can push a trustee sale on past dues of under $10k on a property worth $900k or more.
The Davis Stirling Act issues can temporarily place a roadblock on the Trustee Sale (ie, the HOA may have to start doing internal audits if their record keeping is not up to snuff – and the fact that they may have to do audits may place the Trustee Sale on hold because of questions on record keeping). This will not make anything that is owed the HOA go away. It is still owed. It is a tactic to gain time.
NOTE: Dues owed an HOA can accrue at 12% annually at a period of 30days after they become due. Considering that the dues are secured by your property, ie a secured debt, this is a high rate – and legal.
March 29, 2011 at 1:33 PM #682147ParticipantHow far behind are you in HOA dues?
You may want to check the “Davis Stirling Act”. Also consider getting an Attorney. Have them check through the act to make sure your HOA is compliant with the law. Most HOAs are currently ignoring Davis Stirling, and this can really throw a wrench in their gears – particularly the aspects with auditing and financial records.
There are many questions as to the veracity of an HOAs authority to take possession of a property, but that authority does presently exist. I can not find any ‘minimum’ lien limit on when an HOA can start proceedings for a trustee sale at present. This means they can push a trustee sale on past dues of under $10k on a property worth $900k or more.
The Davis Stirling Act issues can temporarily place a roadblock on the Trustee Sale (ie, the HOA may have to start doing internal audits if their record keeping is not up to snuff – and the fact that they may have to do audits may place the Trustee Sale on hold because of questions on record keeping). This will not make anything that is owed the HOA go away. It is still owed. It is a tactic to gain time.
NOTE: Dues owed an HOA can accrue at 12% annually at a period of 30days after they become due. Considering that the dues are secured by your property, ie a secured debt, this is a high rate – and legal.
March 29, 2011 at 1:33 PM #682287ParticipantHow far behind are you in HOA dues?
You may want to check the “Davis Stirling Act”. Also consider getting an Attorney. Have them check through the act to make sure your HOA is compliant with the law. Most HOAs are currently ignoring Davis Stirling, and this can really throw a wrench in their gears – particularly the aspects with auditing and financial records.
There are many questions as to the veracity of an HOAs authority to take possession of a property, but that authority does presently exist. I can not find any ‘minimum’ lien limit on when an HOA can start proceedings for a trustee sale at present. This means they can push a trustee sale on past dues of under $10k on a property worth $900k or more.
The Davis Stirling Act issues can temporarily place a roadblock on the Trustee Sale (ie, the HOA may have to start doing internal audits if their record keeping is not up to snuff – and the fact that they may have to do audits may place the Trustee Sale on hold because of questions on record keeping). This will not make anything that is owed the HOA go away. It is still owed. It is a tactic to gain time.
NOTE: Dues owed an HOA can accrue at 12% annually at a period of 30days after they become due. Considering that the dues are secured by your property, ie a secured debt, this is a high rate – and legal.
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