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re: Woman loses home after HOA auctions nearly $500K home for $30K
Posted on 7/24/18 at 11:35 am to soccerfüt
Posted on 7/24/18 at 11:35 am to soccerfüt
Zillow is saying that this house was still worth over $400k. Has zillow been in the house? My guess there was damage inside that wasn't addressed, mold etc. If she couldn't pay the mortgage or HOA dues, do you think she was doing ANY maintenance for those YEARS?
1
Posted on 7/24/18 at 11:35 am to Slagathor
quote:
After YEARS of missed payments
Yeah. That's how it works. Lenders usually won't entertain the idea of a short sale if you're up to date. Why would a lender willingly take less than you owe them to retire the note if you're paying them on time? They usually require that you be very delinquent before they'll even let you start the process.
This post was edited on 7/24/18 at 11:36 am
Posted on 7/24/18 at 11:35 am to TheCaterpillar
quote:Overreact?
Right. People are going to overreact and blame the HOA immediately here and call them evil. This lady is completely responsible for this house going to auction. They probably should've set the minimum auction price much higher.
I just said frick HOA's. She may have been wrong but overall they have to much power over things. Whether you agree or not is not my concern.
Posted on 7/24/18 at 11:36 am to LSUTigerFan247
quote:this is the thing that I'm trying to make sense of.
The real question here is who the FRICK stopped bidding at $30K?
There are real estate businessmen that look for these kinds of deals to pop and attend these auctions. I don't know how the frick it stopped at 30k.
Posted on 7/24/18 at 11:36 am to castorinho
Also should add my understanding was there are laws about making a payment on behalf of a client and it had to come from an escrow account. Firm could not make the payment for the client from its operating account.
Posted on 7/24/18 at 11:37 am to shel311
FTR, I have an HOA that is pretty great. I understand I'm lucky there though.
We have a really gay guy that is president of it and he gets on folks for stuff, which keeps the neighborhood looking good, but he rarely ever "fines" anyone. He just pesters until you mow your lawn/move your garbage cans off the street/etc.
Also, bonus, he works at my company and is lower on the pecking order than me. Must be a coincidence that he's never said anything to me about anything
We have a really gay guy that is president of it and he gets on folks for stuff, which keeps the neighborhood looking good, but he rarely ever "fines" anyone. He just pesters until you mow your lawn/move your garbage cans off the street/etc.
Also, bonus, he works at my company and is lower on the pecking order than me. Must be a coincidence that he's never said anything to me about anything
Posted on 7/24/18 at 11:37 am to DemonKA3268
quote:
She'd fallen on hard times due to a series of severe medical problems. She had family members pass away, the economy tanked and she filed for bankruptcy.
Boo hoo. Hoa officers put their lives on the line every day for the safety of the neighborhood. They deserve those dues
Posted on 7/24/18 at 11:37 am to DemonKA3268
quote:
Overreact? I just said frick HOA's. She may have been wrong but overall they have to much power over things. Whether you agree or not is not my concern.
It was just a general statement.
Posted on 7/24/18 at 11:38 am to TigerstuckinMS
quote:
Yeah. That's how it works. Lenders usually won't entertain the idea of a short sale if you're up to date.
If this was such a strategic financial move on her part, perhaps she should have notified the HOA.
Posted on 7/24/18 at 11:38 am to TheCaterpillar
quote:Maybe others could learn from yours then.
FTR, I have an HOA that is pretty great. I understand I'm lucky there though. We have a really gay guy that is president of it and he gets on folks for stuff, which keeps the neighborhood looking good, but he rarely ever "fines" anyone. He just pesters until you mow your lawn/move your garbage cans off the street/etc. Also, bonus, he works at my company and is lower on the pecking order than me. Must be a coincidence that he's never said anything to me about anything
Posted on 7/24/18 at 11:39 am to el Gaucho
quote:
Boo hoo. Hoa officers put their lives on the line every day for the safety of the neighborhood. They deserve those dues
Don't forget the noble neighborhood watch people. Can you imagine what kind of hellhole warzone brgetthenet's neighborhood would be if he weren't on ever-vigilant patrol?
This post was edited on 7/24/18 at 11:41 am
Posted on 7/24/18 at 11:40 am to RogerTheShrubber
I remember my friends dad trying to tout a new house they going to build by bragging about the HOA. I told him he may want to rethink it. We argued for a long time about it and in the end HOA issues caused them not to build and sell the lot. Just say no
Posted on 7/24/18 at 11:40 am to TheCaterpillar
quote:Exactly.
They sent her several certified letters that require signature.
She knew she wasn't paying for years and knew their intentions, and she didn't communicate hers.
As I said, i feel bad for her with regards to her health and family members' healthy, but the losing of the house is really her fault. It sounds like she didn't even try to save it, she basically did nothing from the looks of it.
Posted on 7/24/18 at 11:40 am to Slagathor
quote:
If this was such a strategic financial move on her part, perhaps she should have notified the HOA.
Agreed. That's one place (of many) that she seriously fricked up. My gut tells me that while she was trying to get out, it probably wasn't well planned and was most likely a hasty reaction to getting so far behind without a plan.
It could have been strategic, but it was most likely "OH MY GOD, WHAT DO I DO?!"
ETA: Also, I should be flogged for saying "my gut tells me" here. I fricking hate that and I just did it.
This post was edited on 7/24/18 at 11:43 am
Posted on 7/24/18 at 11:41 am to achenator
quote:
Zillow is saying that this house was still worth over $400k. Has zillow been in the house? My guess there was damage inside that wasn't addressed, mold etc. If she couldn't pay the mortgage or HOA dues, do you think she was doing ANY maintenance for those YEARS?
This is a good point, but the land alone is worth more than 30k.
But yeah, it was probably NASTY AF in that house.
Posted on 7/24/18 at 11:41 am to DemonKA3268
I read more about this story and looked up the property records. The home owner is the ONLY one to blame here.
The notice of delinquent assessment lien was recorded and mailed on October 1, 2014.
The notice of default and election to sell real property to satisfy notice of delinquent assessment lien was recorded and mailed on September 1, 2016 to ALL lienholders and the homeowner.
The notice of foreclosure sale under notice of delinquent assessment lien was recorded on January 11, 2018, mailed to the homeowner and all lienholders, and the auction occurred on February 22, 2018.
I mean, come on people, this is clearly a massive screw up by the homeowner and other lien holders.
The notice of delinquent assessment lien was recorded and mailed on October 1, 2014.
The notice of default and election to sell real property to satisfy notice of delinquent assessment lien was recorded and mailed on September 1, 2016 to ALL lienholders and the homeowner.
The notice of foreclosure sale under notice of delinquent assessment lien was recorded on January 11, 2018, mailed to the homeowner and all lienholders, and the auction occurred on February 22, 2018.
I mean, come on people, this is clearly a massive screw up by the homeowner and other lien holders.
Posted on 7/24/18 at 11:41 am to DemonKA3268
Is it weird that I wouldn't even be mad about this if the house had sold at the auction for say $400K. I'm just jealous somebody scooped it for $30k.
Posted on 7/24/18 at 11:42 am to DeafJam73
quote:
frick HOAs.
i would bet good money it was someone on the HOAs brother in law or cousin who bought that house too.
for a $500k house to sell for $30k its fraud and they hid the sale to do it. probably meet legal notice requirement by advertising in some obscure local paper with 1000 subscribers that no one reads
Posted on 7/24/18 at 11:42 am to slackster
quote:
I read more about this story and looked up the property records. The home owner is the ONLY one to blame here.
The notice of delinquent assessment lien was recorded and mailed on October 1, 2014.
The notice of default and election to sell real property to satisfy notice of delinquent assessment lien was recorded and mailed on September 1, 2016 to ALL lienholders and the homeowner.
The notice of foreclosure sale under notice of delinquent assessment lien was recorded on January 11, 2018, mailed to the homeowner and all lienholders, and the auction occurred on February 22, 2018.
I mean, come on people, this is clearly a massive screw up by the homeowner and other lien holders.
Boom.
Should be put in the OP.
Posted on 7/24/18 at 11:43 am to MusclesofBrussels
quote:I mean, you don't have to live in the neighborhood with an HOA having that power. It's your decision to live under that
Regardless, an HOA should never have repo power. That's ridiculous.
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