HeatherB3 (Florida)
Posts: 32
Posts: 32
Posted:
Well not really, we foreclosed on one. The foreclosure sale went through and now the HOA, as of May 10th, as acquired title to this property.
What happens next?
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Our HOA just purchased a house!!!
Started by HeatherB3 • 9 replies • 1573 views
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Well not really, we foreclosed on one. The foreclosure sale went through and now the HOA, as of May 10th, as acquired title to this property.
What happens next?
JanetB2 (Colorado)
Posts: 4,219
Posts: 4,219
Posted:
Clear title? You potentially want to sell the property to recoup the HOA money owed. In the meantime you need to budget for expenses such as property taxes, HOA assessments, repairs, etc. Even though HOA owns it is also still considered a unit, but potentially (need to check statutes) no vote can be cast for unit while HOA owned.
JanetB2 (Colorado)
Posts: 4,219
Posts: 4,219
Posted:
Hi Heather:
Does the mortgage company still have a lien on the property? All prior liens will still need to be paid if owed or they in turn could foreclose on the HOA to take the property.
Does the mortgage company still have a lien on the property? All prior liens will still need to be paid if owed or they in turn could foreclose on the HOA to take the property.
BillD10 (Florida)
Posts: 8
Posts: 8
Posted:
Most likely have mortgage lien and likely home worth less than loan. If so negotiate a deed in lieu or short sale to make home either sellable by bank or hoa to get a homeowner in the house. We had one like that , got it back to bank and bank sold. Now is dues paying
MelissaP1 (Alabama)
Posts: 13,836
Posts: 13,836
Posted:
Your HOA may have to get a loan/mortgage on the home for whatever is owed on the property. It will be EXTREMELY lucky if the owner owed less than it's worth or even paid off. The HOA will have to pay the bid and legal fees involved with the entire foreclosure process on both sides of course.
It's best the HOA plans to make arrangements to sell this property as soon as possible. Maybe a short sale? It's just best for a HOA NOT to own this house overall. It's now stuck with all the costs associated with owning a home and the sales/repair costs to get rid of it. Good luck!
It's best the HOA plans to make arrangements to sell this property as soon as possible. Maybe a short sale? It's just best for a HOA NOT to own this house overall. It's now stuck with all the costs associated with owning a home and the sales/repair costs to get rid of it. Good luck!
Former HOA President
HeatherB3 (Florida)
Posts: 32
Posts: 32
Posted:
No mortgage leins on the home, but there is a mortgage. The HO ( or former HO, LOL) still are living there. However, they paid $330k for the home in 2006. I am assuming the house is worth about $150-$200k now, depending on the shape of the home inside. The outside is in bad shape.
Will they get time to leave the proberty? 30 days? 60 days?
Could we rent the house until the home goes into mortgage FC? Or should we stay away from that?
Will they get time to leave the proberty? 30 days? 60 days?
Could we rent the house until the home goes into mortgage FC? Or should we stay away from that?
JanetB2 (Colorado)
Posts: 4,219
Posts: 4,219
Posted:
Hi Heather:
While waiting to evict the current homeowner your association might want to get with the mortgage company and start discussing the options. Ask them about what Bill discussed above. Also, find out what kind of time frame they themselves are looking at because that would potentially help with deciding on whether or not to rent the unit in the meantime.
The current resident will have X amount of time to vacate, but you need to make sure your HOA attorney has started the necessary process. I have not looked at the laws in Florida for evicting.
Did some members from association view the interior prior to purchase? Keep in mind many individuals when foreclosed tend to gut the interior of a residence taking everything they can potentially haul off; therefore, check with your HOA attorney on how best to protect the internal assets.
While waiting to evict the current homeowner your association might want to get with the mortgage company and start discussing the options. Ask them about what Bill discussed above. Also, find out what kind of time frame they themselves are looking at because that would potentially help with deciding on whether or not to rent the unit in the meantime.
The current resident will have X amount of time to vacate, but you need to make sure your HOA attorney has started the necessary process. I have not looked at the laws in Florida for evicting.
Did some members from association view the interior prior to purchase? Keep in mind many individuals when foreclosed tend to gut the interior of a residence taking everything they can potentially haul off; therefore, check with your HOA attorney on how best to protect the internal assets.
CarolF (Florida)
Posts: 435
Posts: 435
Posted:
This is a FL attorneys website that answers some of the questions posed.
http://www.floridacommunitylaw.com/lawyer-attorney-1612986.html
I would also recommend the Helpful Resources article that is mentioned.
Melissa, I think it would be helpful for you to read this to gain more insight into the FL foreclosure process.
http://www.floridacommunitylaw.com/lawyer-attorney-1612986.html
I would also recommend the Helpful Resources article that is mentioned.
Melissa, I think it would be helpful for you to read this to gain more insight into the FL foreclosure process.
JanetB2 (Colorado)
Posts: 4,219
Posts: 4,219
Posted:
Carol … very nice information, it answered a couple of questions that popped into my mind when Heather posted and I could not find answers to yesterday. Thank you!!!
CarolF (Florida)
Posts: 435
Posts: 435
Posted:
Janet & others........here is another good source. It is a 3 page pdf file that explains the FL process from A-Z.
http://olympiatitle.org/PDF/State%20of%20Florida%20Foreclosure%20Process.pdf
I would say though that things can take longer than the time limits specified.
The issue of eviction was raised in this thread. Read the information on "Writ of Possession" in the information above.
http://olympiatitle.org/PDF/State%20of%20Florida%20Foreclosure%20Process.pdf
I would say though that things can take longer than the time limits specified.
The issue of eviction was raised in this thread. Read the information on "Writ of Possession" in the information above.
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