HOA Foreclosing on Deeply Underwater Condo Is this a Ploy?
Posted: Fri Nov 02, 2012 6:16 pm
it seems like a ploy to me.
inform the HOA of your client's declared homestead exemption (which you
should record) and tell them that Owen v Owen, 500 US at 308-309 will
require them to pay your client $75,000 (or $100,000 if married or $175,000
if senior/disabled) if the client files Chapter 13 bankruptcy after the
foreclosure sale...
On Fri, Nov 2, 2012 at 3:59 PM, Steven B. Lever wrote:
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> I have a former client whose condo is so underwater it may as well be in
> Atlantis. HOA is foreclosing on it anyway. ****
>
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> I figure this is just a ploy to intimidate the homeowner to pay up.
> However, if they do get title to the condo while hes negotiating a loan
> mod, it could be a huge hassle.****
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> Im trying to figure out if I need to file a 13 about a year after he
> filed a 7.****
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> I have another case where the condo is such a pit that we didnt care and
> I dont know if they bothered to actually foreclose or not. ****
>
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> Anyone have any experience with this situation? Any comments?****
>
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it seems like a ploy to me.inform the HOA of your client's declared homestead exemption (which you should record) and tell them that Owen v Owen, 500 US at 308-309 will require them to pay your client $75,000 (or $100,000 if married or $175,000 if senior/disabled) if the client files Chapter 13 bankruptcy after the foreclosure sale...
On Fri, Nov 2, 2012 at 3:59 PM, Steven B. Lever <sblever@leverlaw.com> wrote:
I have a former client whose condo is so underwater it may as well be in Atlantis. HOA is foreclosing on it anyway.
Im trying to figure out if I need to file a 13 about a year after he filed a 7.
Anyone have any experience with this situation? Any comments?
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The post was migrated from Yahoo.