Reallly How Long Can it Take to Foreclose??

Started by FrancescaM • 9 replies • 1215 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

FrancescaM (Washington)
Posts: 264

Posted:

My immediate neighbor has had personal issues that essentially cause them to not pay their mortgage in 6 months and it's been 15 months since we saw any dues come from them.

As I write this they still live next to us and thier property is listed as a short sale and has been since Oct.....

How long will it be best guess until they are literally forced to move out?

KarenT (Washington)
Posts: 250

Posted:

Washington has 2 types of foreclosure 1) Judicial 2)Non-Judicial look in the RCW (Revised Code of Washington) under the website http://www.leg.wa.gov/legislature/
in Laws and Agency rules.

The first thing that has to happen is a "Notice of Default" must be sent by both first class mail and certified or registered mail or posted in a conspicuous place on the premises or personally served. Once that is accomplished The Notice of Sale and Foreclosure is usually 120 days. Keep in mind even if it gets that far the default can be cured up to that date.

Good luck - we have a homeowner in our subdivision that was 8 months in arrears, we saw the notice posted on their house, it was on the0 USA Foreclosure website, went to the day of the sale on the courthouse steps and did not get foreclosed on because they "made payment arrangements". We have 2 liens on this property.

SusanW1 (Michigan)
Posts: 5,202

Posted:

And with this new Stimulus fund, there will be efforts to restructure" their mortgages. These will be offered to people so that they can stay in their homes. It will be interesting to see where past due HOA assessments fit in with all this "restructuring". Some other thread has already alluded to them being swept under the rug, too.

JeanneK3 (Maryland)
Posts: 562

Posted:

Associations are really hurting. Maryland is trying to do something about this with a bill which allows the association to bill the buyer for 6 months back association fees in a foreclosure action. Here's the link: http://mlis.state.md.us/2009rs/billfile/HB0074.htm

FrancescaM (Washington)
Posts: 264

Posted:

Quote:

Posted By KarenT on 02/27/2009 11:04 AM
Washington has 2 types of foreclosure 1) Judicial 2)Non-Judicial look in the RCW (Revised Code of Washington) under the website http://www.leg.wa.gov/legislature/
in Laws and Agency rules.

The first thing that has to happen is a "Notice of Default" must be sent by both first class mail and certified or registered mail or posted in a conspicuous place on the premises or personally served. Once that is accomplished The Notice of Sale and Foreclosure is usually 120 days. Keep in mind even if it gets that far the default can be cured up to that date.

Good luck - we have a homeowner in our subdivision that was 8 months in arrears, we saw the notice posted on their house, it was on the0 USA Foreclosure website, went to the day of the sale on the courthouse steps and did not get foreclosed on because they "made payment arrangements". We have 2 liens on this property.

argh.. I have a feeling this is what is going to happen to us. I don't like to see anyone lose thier home, that is not my goal, but the neighbor I am referring to.. I know for fact they are NOT going to make any efforts to pay thier mortgage or hoa dues.

KirkW1 (Texas)
Posts: 1,665

Posted:

You have two options:
1) Try to speed thigns along by foreclosing on the debt to the HOA (and losing the money).
2) Wait it out.

It takes a long time for foreclosure to occur. The length of time will vary from bank to bank.

KarenT (Washington)
Posts: 250

Posted:

What city in Washington are you in??? I'm in Spokane.

FrancescaM (Washington)
Posts: 264

Posted:

Olympia.

KarenT (Washington)
Posts: 250

Posted:

We are having a special meeting regarding our one homeowner and we have tentatively decided that we will turn this matter over to a collection agency. Better to get 50% than nothing!

LaverneB (Florida)
Posts: 79

Posted:

Good Luck. Our community has 2 homes that have been on forecloser, since 2007! They pay no fees, etc..Florida has been hit hard and I live in a 55+ so its even harder to sell these homes

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here