LetA (Nevada)
Posts: 2,679
Posts: 2,679
Posted:
where do foreclosures get published when an HOA decides to foreclose on a property?
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Foreclosures
Started by LetA • 14 replies • 407 views
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MaxB4
Posts: 3,513
Posts: 3,513
Posted:
Quote:
Posted By LetA on 10/03/2022 4:25 PM
where do foreclosures get published when an HOA decides to foreclose on a property?
where do foreclosures get published when an HOA decides to foreclose on a property?
I would ask the party who foreclosed.
AugustinD
Posts: 1,027
Posts: 1,027
Posted:
Quote:
Posted By LetA on 10/03/2022 4:25 PM
where do foreclosures get published when an HOA decides to foreclose on a property?
where do foreclosures get published when an HOA decides to foreclose on a property?
If your state allows non-judicial foreclosures, then I do not know whether this would be published.
DouglasK1 (Florida)
Posts: 2,046
Posts: 2,046
Posted:
Are you looking for the legal filings (which Augustin has given info on) or the notice of the auction where the foreclosure would be sold? Note that the latter could potentially be years after the initial filing.
Escaped former treasurer and director of a self managed association.
WendyM5 (North Carolina)
Posts: 1,522
Posts: 1,522
Posted:
google Recorder of Deeds, your city
phone them they will know.
phone them they will know.
vis ta vie
MelissaP1 (Alabama)
Posts: 13,836
Posts: 13,836
Posted:
Foreclosure are to be published in a public resource. It is around 3 months prior than when it goes to the court house steps. It is typically in the legal section of your local newspaper. When and what days is up to that publication.
This is part of the legal process of a lien or foreclosure. It is a public notice so one can not claim they were not notified.
This is part of the legal process of a lien or foreclosure. It is a public notice so one can not claim they were not notified.
Former HOA President
LetA (Nevada)
Posts: 2,679
Posts: 2,679
Posted:
Quote:
Posted By MelissaP1 on 10/04/2022 6:06 AM
Foreclosure are to be published in a public resource. It is around 3 months prior than when it goes to the court house steps. It is typically in the legal section of your local newspaper. When and what days is up to that publication.
This is part of the legal process of a lien or foreclosure. It is a public notice so one can not claim they were not notified.
Foreclosure are to be published in a public resource. It is around 3 months prior than when it goes to the court house steps. It is typically in the legal section of your local newspaper. When and what days is up to that publication.
This is part of the legal process of a lien or foreclosure. It is a public notice so one can not claim they were not notified.
Will the foreclosure auction happen at the property or at "the courthouse"
I notice some foreclosures show up on some real estate websites, but the specifics of the foreclosures don't state, lender, taxman or HOA.
MelissaP1 (Alabama)
Posts: 13,836
Posts: 13,836
Posted:
That is a bit confusing with the foreclosures in the real estate websites. I think it depends on who is doing the foreclosing in some cases. Like for a HOA it's done on the Public Courthouse as it's a public auction. Believe also Tax foreclosures are done this way as well. Now as far as the banks it's kind of more "murky". I will see a "Foreclosure sale" signs at the home. These may be more of situations of probate where person has died or abandoned the property. Think they first foreclose the property and then sell the contents. It is still a "Public" auction but not done at the courthouse steps. They are still publicly announced by the real estate sites and signage.
Now a days it's harder to find a "public resource" as newspapers are no longer being printed in some areas. Our area they only print 2 or 3 times a week. They still do the black Friday sales papers etc... You can just expect a Wednesday or Sunday paper. It's going to be the Wednesday paper most likely will have the "legals" printed.
There are different types of foreclosures. The HOA can foreclose on their lien, the bank forecloses on the mortgage, and the taxman forecloses for the taxes owed. Bank/HOA foreclosures there is usually a right of redemption period attached. A Tax foreclosure is more "final sale". It's like what those "Real Estate" flippers on TV go for. A few details they like to "skip" over in the advertising of buying a foreclosure and flipping it btw... Those are typically Tax foreclosures. A slightly different ball game.
Now a days it's harder to find a "public resource" as newspapers are no longer being printed in some areas. Our area they only print 2 or 3 times a week. They still do the black Friday sales papers etc... You can just expect a Wednesday or Sunday paper. It's going to be the Wednesday paper most likely will have the "legals" printed.
There are different types of foreclosures. The HOA can foreclose on their lien, the bank forecloses on the mortgage, and the taxman forecloses for the taxes owed. Bank/HOA foreclosures there is usually a right of redemption period attached. A Tax foreclosure is more "final sale". It's like what those "Real Estate" flippers on TV go for. A few details they like to "skip" over in the advertising of buying a foreclosure and flipping it btw... Those are typically Tax foreclosures. A slightly different ball game.
Former HOA President
LetA (Nevada)
Posts: 2,679
Posts: 2,679
Posted:
I just want to make sure we don't get HOSED again. We had one property that sold during the height of covid that was 3 years in arrears and we got NOTHING when the house sold. We had to write off
that as bad debit. We have another house that is 4 years behind, We have 2 lens, collections and the first ATP to the mortgage holder they paid 9 mos in arrears per NRS 116. Now we are just going to foreclose.
I want to make sure we don't eat another $#!T Sandwich. That is why I am watching the clock, I want to make sure the FC is filed. it is approaching the 30 day mark. I don't know if the PMC is pussyfooting around or the vendor that is supposed to file the lien is dragging their feet. IMHO the foreclosure should have been filed the day after the ATP was signed, that's just me, maybe I'm wrong, but sitting on this gives the other party the wiggle room to screw us over.
that as bad debit. We have another house that is 4 years behind, We have 2 lens, collections and the first ATP to the mortgage holder they paid 9 mos in arrears per NRS 116. Now we are just going to foreclose.
I want to make sure we don't eat another $#!T Sandwich. That is why I am watching the clock, I want to make sure the FC is filed. it is approaching the 30 day mark. I don't know if the PMC is pussyfooting around or the vendor that is supposed to file the lien is dragging their feet. IMHO the foreclosure should have been filed the day after the ATP was signed, that's just me, maybe I'm wrong, but sitting on this gives the other party the wiggle room to screw us over.
JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
Either there is enough equity to pay of all lien holders or there is not. This is the question. A foreclosure does not guarantee an association will collect anything. In most foreclosures, the person is so up to their a$$ i debt (liens) that few get anything.
JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
While discussing foreclosures, how does one find how much mortgage (typically first in line to be paid) is owed?
WendyM5 (North Carolina)
Posts: 1,522
Posts: 1,522
Posted:
I'm not sure, but my guess is to go to recorder of deeds in your city.
often any property records are on a city's GIS website
look up the deed
find the loan number on the paperwork.
find the min #
enter min # into
Mers website to get current loan holder
call that mortgage company
If you don't have the loan number sommetimes they can look up by property address, but the loan number is best way. Also many mortgage companies are horrible at finding info.
often any property records are on a city's GIS website
look up the deed
find the loan number on the paperwork.
find the min #
enter min # into
Mers website to get current loan holder
call that mortgage company
If you don't have the loan number sommetimes they can look up by property address, but the loan number is best way. Also many mortgage companies are horrible at finding info.
vis ta vie
MelissaP1 (Alabama)
Posts: 13,836
Posts: 13,836
Posted:
Death and taxes are assured in life... I would ask a Realtor what the process is. I know they can find out what the house sold for previously. Which could give an idea of how much may or may not be owed. Most people don't pay off a house in a few years. So you could gestimate if they paid 100K last year most likely still owe in the 90's.
Former HOA President
LetA (Nevada)
Posts: 2,679
Posts: 2,679
Posted:
Quote:
Posted By JohnC46 on 10/08/2022 3:18 PM
Either there is enough equity to pay of all lien holders or there is not. This is the question. A foreclosure does not guarantee an association will collect anything. In most foreclosures, the person is so up to their a$$ i debt (liens) that few get anything.
Either there is enough equity to pay of all lien holders or there is not. This is the question. A foreclosure does not guarantee an association will collect anything. In most foreclosures, the person is so up to their a$$ i debt (liens) that few get anything.
My understanding that the foreclosure opening bid will be for the amount owed to the HOA, fees and monies paid to the collection agency. dunno where or if theres a "rest"of the money.
MelissaP1 (Alabama)
Posts: 13,836
Posts: 13,836
Posted:
The process is that the opening bid is the amount they owe the HOA. This is to include the legal fees/interest etc... The first bid goes for $1 above that to the HOA. (They get first bid). They do NOT want this property. So it is best to have some people interested in buying at foreclosure sale. Remember this is a PUBLIC sale so none of that "Conflict of interest" crap applies here. It's open to ANYONE to bid. Which is what you want to happen!!! Especially someone know will pay the dues.
In addition, once they "win" the bid they do NOT get it for just the foreclosure amount. UNLESS that is all the money that is owed. NOTE: If this was a TAX default foreclosure it would sale for Foreclosed price. (A difference between HOA/Bank foreclosures). The "winner" had to pay the foreclosure bid PLUS any taxes/mortgage still owed. They basically ASSUME the loan if there is one. That means the bank will probably come into play with a new mortgage paperwork to fill out.
It also is to note that there is a right to redemption period up to 1 year in some states. Some states it's zero. This means the owner can purchase the property back for paying back everything owed plus maybe improvements the new owner does. This is why new owners typically do NOT touch the property for about a year except for emergency maintenance items. It would be a waste of money if the owner came back to pay back. They lose time/energy/money they invested.
Each state is different. In our situation, the purchaser had to take over the loan after the foreclosure purchase. Which not a totally bad deal if they owe less than it's worth. Say they owe 50K on a 100K house good deal. If it's a 100K house and needs 50K of work plus all the other expenses, not so much. These houses tend go into Tax foreclosure. Which attracts a whole new investor type.
In addition, once they "win" the bid they do NOT get it for just the foreclosure amount. UNLESS that is all the money that is owed. NOTE: If this was a TAX default foreclosure it would sale for Foreclosed price. (A difference between HOA/Bank foreclosures). The "winner" had to pay the foreclosure bid PLUS any taxes/mortgage still owed. They basically ASSUME the loan if there is one. That means the bank will probably come into play with a new mortgage paperwork to fill out.
It also is to note that there is a right to redemption period up to 1 year in some states. Some states it's zero. This means the owner can purchase the property back for paying back everything owed plus maybe improvements the new owner does. This is why new owners typically do NOT touch the property for about a year except for emergency maintenance items. It would be a waste of money if the owner came back to pay back. They lose time/energy/money they invested.
Each state is different. In our situation, the purchaser had to take over the loan after the foreclosure purchase. Which not a totally bad deal if they owe less than it's worth. Say they owe 50K on a 100K house good deal. If it's a 100K house and needs 50K of work plus all the other expenses, not so much. These houses tend go into Tax foreclosure. Which attracts a whole new investor type.
Former HOA President
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