KirkW1 (Texas)
Posts: 1,665
Posts: 1,665
Posted:
In our next Board meeting I expect that we may have to vote on foreclosure of a house. Long story short, they were at foreclosure and an agreement for payment over a period of time was made. The owners have not held up their end of the agreement. What is more, their garage door is in need of repair and their yard is in very bad shape.
Because of other issues in the neighborhood I recently discovered the art of finding the warranty deed on a house. I noticed that on every one I have looked at there is a "planned development rider" that binds the owner to abide by the rules and pay assessments. It also allows the mortgage holder to pay the assessments and add them to the loan amount.
Now I would never suggest not asking our attorney, but has anyone had experience in asking the mortgage holder to pay the late assessments? I am sure that if we foreclose they buyer will stop paying the mortgage. And our management told us the plan would be to let the first mortgage holder foreclose and take the property from us and then sell it to someone who will hopefully pay their dues.
I guess my question is: since we file a public document that they haven't paid their dues anyway, can we actively tell the lender as well? And has anyone had any luck getting lender involvement in paying the dues?
If they lose their house so be it. But I would rather us get the money if possible.
Because of other issues in the neighborhood I recently discovered the art of finding the warranty deed on a house. I noticed that on every one I have looked at there is a "planned development rider" that binds the owner to abide by the rules and pay assessments. It also allows the mortgage holder to pay the assessments and add them to the loan amount.
Now I would never suggest not asking our attorney, but has anyone had experience in asking the mortgage holder to pay the late assessments? I am sure that if we foreclose they buyer will stop paying the mortgage. And our management told us the plan would be to let the first mortgage holder foreclose and take the property from us and then sell it to someone who will hopefully pay their dues.
I guess my question is: since we file a public document that they haven't paid their dues anyway, can we actively tell the lender as well? And has anyone had any luck getting lender involvement in paying the dues?
If they lose their house so be it. But I would rather us get the money if possible.