HOA Foreclosing on Deeply Underwater Condo Is this =
Posted: Sat Nov 03, 2012 5:22 pm
I believe a foreclosure sale by an HOA is subject to a 90-day right of redemption. See CCP Sec 729.035; CC Sec 1367.4(c)(4).
Steven L. Bryson
Attorney at Law
Certified Bankruptcy Specialist
State Bar of California
Board of Legal Specialization
11377 W. Olympic Bl., Ste 500
Los Angeles, CA 90064
310-477-4555
www.file4bankruptcy.com
To: cdcbaa
Sent: Sat, Nov 3, 2012 3:52 pm
Subject: [cdcbaa] RE: HOA Foreclosing on Deeply Underwater Condo Is this a Ploy?
I wouldnt worry about the HOA going through the processHowever this is becoming more common, especially in Florida, where the HOA forecloses, makes no payments to any senior lenders, and then rents out the property to generate some income, until the senior lenders foreclose. If a sale date is set, then your client will need to take action or lose the condo. There is no right of redemption in a trustee sale so it wouldne condo and could be evicted by the new owner.
I recently filed a Chapter 13 within a year after a Chapter 7 discharge to cure a mortgage default. The court issued a notice that the debtor was ineligible for a discharge and that the case would be closed if an objection and request for hearing was not filed within 10 days of service of the notice. Your client may need to go this route if an agreement cannot be reached with the HOA.
Link Schrader, Attorney
Law Office of Link W. Schrader
Mail: P.O. Box 3723, Tustin, CA 92781
Office: 106 W. 4th Street, Suite #308, Santa Ana, CA 92701
Office: (714) 542-5922; Mobile/Text: (310) 413-6924
San Diego: (619) 95 2-8342; Fax: (310) 878-4158
www.schrader-law.com
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