- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Woman loses home after HOA auctions nearly $500K home for $30K
Posted on 7/24/18 at 1:25 pm to kywildcatfanone
Posted on 7/24/18 at 1:25 pm to kywildcatfanone
quote:
How does a lender make a loan in a scenario where this can happen?
I imagine HOA dues are escrowed in a state like Nevada. In Louisiana HOAs do not have this much power.
1
Posted on 7/24/18 at 1:25 pm to LSUFanHouston
quote:Yeah, she definitely screwed up here. Can't deny that.
No doubt HOAs can be scummy and have a bad name... but things like this don't just happen. They only happen after years of nonpayment, attempts to collect, legal notices, legal action, etc.
Posted on 7/24/18 at 1:27 pm to statman34
quote:
HOAs always start out as a way to preserve the value of homes in a subdivision. They end up at some point devolving into a pissing contest for busy-bodies that have free time on their hands to have a say in everyone's business. Most of the time it is less about preserving quality of life and more about suing each other over the pettiest shite known to man. The power is too large for that type of person with a Napoleon complex and too much time on their hands. Most sane people are busy raising a family and working to care about a person parking on their grass or how tall a storage building is.
The smaller the "government body" the more petty and powerhungry the officers are.
It's why St Bernard is more corrupt than Jefferson, Harahan is more corrupt than St Bernard, Grand Isle is more corrupt than Harahan, HOAs are more corrupt than Grand Isle, etc.
Posted on 7/24/18 at 1:38 pm to SwampTrash
People should stop ignoring the 50 page HOA agreement that comes with their new house. Nobody is forcing you to agree to it.
This should be a must. Some of the covenants that are in place can be crazy. Further, they were put in by developers to sell the initial project. Years later the covenants are still in place, the developers are down the road and the original homeowners are long gone. Add in a slate of goofy HOA officers and it gets totally out of hand.
I hate new laws with a passion but there should be a requirement that a potential buyer should have someone go over the covenants before closing to make sure there are no surprises after they move in.
And may I add....” F” HOAs. !!!!
This should be a must. Some of the covenants that are in place can be crazy. Further, they were put in by developers to sell the initial project. Years later the covenants are still in place, the developers are down the road and the original homeowners are long gone. Add in a slate of goofy HOA officers and it gets totally out of hand.
I hate new laws with a passion but there should be a requirement that a potential buyer should have someone go over the covenants before closing to make sure there are no surprises after they move in.
And may I add....” F” HOAs. !!!!
Posted on 7/24/18 at 1:39 pm to kywildcatfanone
quote:
How does a lender make a loan in a scenario where this can happen?
Loans owned by Fannie Mae and Freddie Mac cannot be pre-empted by the HOA liens, for starters.
Also, the people that buy these homes pick them up well under market value because they're likely to be tied up in court for a while.
Posted on 7/24/18 at 1:41 pm to TheCaterpillar
quote:
Right.
Personal responsibility is going away these days. She agreed to these terms and went above and beyond to frick her own situation up.
I'm with you, this is her fricking fault. Not some mean old dudes in charge of the HOA.
Posted on 7/24/18 at 1:43 pm to lsu13lsu
quote:
I imagine HOA dues are escrowed in a state like Nevada. In Louisiana HOAs do not have this much power.
I don't believe they are, but I could be wrong.
Posted on 7/24/18 at 1:48 pm to slackster
quote:
the people that buy these homes pick them up well under market value because they're likely to be tied up in court for a while.
I would bet that the bank still has a lien on it as well as many other debtors. They paid $30K on it but they probably don't have clean title. I don't think you can just magically auction a house and remove all liens.
Posted on 7/24/18 at 2:00 pm to DemonKA3268
While that's terrible, she should have told the HOA she was selling her house and had engaged a realtor to do so. I've never met a creditor that wants the actual collateral. Particularly an HOA.
Posted on 7/24/18 at 2:04 pm to lsu13lsu
quote:
I would bet that the bank still has a lien on it as well as many other debtors. They paid $30K on it but they probably don't have clean title. I don't think you can just magically auction a house and remove all liens
It goes away if it's sold at a tax lien auction.
Posted on 7/24/18 at 2:08 pm to LoveThatMoney
quote:
It goes away if it's sold at a tax lien auction.
Damn, the government got the strongarm!
Posted on 7/24/18 at 2:21 pm to LoveThatMoney
quote:
It goes away if it's sold at a tax lien auction.
I don't think an HOA lien is a tax lien.
Posted on 7/24/18 at 2:27 pm to LoveThatMoney
Let it also be said that if the woman really was going through a short sale, the bank should have been well aware of the potential exposure. My guess it the barely above min wage clerk at the servicing company HQ dropped the ball here big time, or did not know what they were doing.
Let it also be said that the super lien - where a few months of dues can prime a first mortgage - is an absurd concept.
Let it also be said that the super lien - where a few months of dues can prime a first mortgage - is an absurd concept.
Posted on 7/24/18 at 2:28 pm to shel311
I'd like to know how this woman got the house in the FIRST place.
I started off feeling sorry for the woman. But now I'm wondering if her situation was like many of the high-risk loans that caused housing bubble to burst 10 years ago.
I started off feeling sorry for the woman. But now I'm wondering if her situation was like many of the high-risk loans that caused housing bubble to burst 10 years ago.
Posted on 7/24/18 at 2:29 pm to LSUFanHouston
so, just to be clear, whomever picked it up at auction did not buy it with a clear title, will have to pay whatever back taxes and such are owed, thus the $30k sale price (in addition to whatever dilapidated condition the home might be in)
This post was edited on 7/24/18 at 2:41 pm
Posted on 7/24/18 at 2:31 pm to lsu13lsu
quote:
They paid $30K on it but they probably don't have clean title. I don't think you can just magically auction a house and remove all liens.
Probably why they only paid $30k. If the mortgage company has a lien on the property title wont be clear until that goes away. He eseentially bought the mortgage at that point.
Posted on 7/24/18 at 2:37 pm to 632627
quote:
so, just to be clear, whomever picked it up at auction did not buy it with a clear title, thus will have to pay whatever back taxes and such are owed, thus the $30k sale price (in addition to whatever dilapidated condition the home might be in)
It depends upon the rules of the state. If super liens are allowed in the state and are set up the proper way, those would be paid off first. The balance would go to the first mortgage, but then the remaining mortgage would be cleared.
So let's say 30K... the HOA super is 5K... they get 5K... the bank gets 25K... all liens are removed.
Posted on 7/24/18 at 2:53 pm to TheCaterpillar
quote:
Glad she has a Mercedes with after market rims in the driveway
She's also got, well had, a 500k house... probably had the car for years as well. Should have sold both and within months after hard times.
Posted on 7/24/18 at 3:03 pm to Steadyhands
quote:
Should have sold both and within months after hard times.
she was underwater on that car the moment she took possession of it. No point in selling the car while having her credit go to shite with the house.
Posted on 7/24/18 at 3:11 pm to DemonKA3268
HOAs are fricking awful.
Page 8 of 9
Popular
Back to top
Follow TigerDroppings for LSU Football News