HOA special assessment foreclosure, can the foreclose on an condo with negative equity ? - making negative holders
There is an association of homeowners in California for a special assessment of $ 4400 per voting unit. About 60% of homeowners have negative equity. 47% of the owners not to the first payment of special assessments by experts. Question. You can exclude an association of owners, always with negative equity? I think the answer is no, because it concerns the rights of older lienholders. Does anyone know?
Saturday, February 20, 2010
Making Negative Holders HOA Special Assessment Foreclosure, Can The Foreclose On An Condo With Negative Equity ?
2 comments:
I am not familiar with California law, in particular. But overall, the Owners Association levy lower than the first mortgage. This means that if the Hoa was excluded, the construction of the first mortgage remains unchanged. If there is no justice, it is likely that the Hoa will end with the title of the property, as it is, other bidders for public sale. However, the property has Hoa to the embargo on the former. In this case, the Hoa are presumably would only unit in the bank or the bank, its own privileges.
In some states, is a Hoa superlien "for part of the lien is better than the first mortgage. Superlien But this is a limited amount, typically 6 months periodic reviews. I am not aware of any condition, any lien on the HOA is better than the first mortgage. If this is the case, no rational investors pay to buy a condo.
For most of these organizations are of high quality for the mortgage company. So yes, they can use.
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