Condo Assoc. Foreclosed and is Owner of Record. BOA still has Lien. How can I sell?

Condo Assoc. is owner of record on a unit. Condo Assoc. foreclosed due to past due fees. The former owner is un-reachable.  BOA still has a lien (mortgage) on the unit and has filed Lis Pendens.

Condo Assoc. wants to sell.  I can't reach the prior owner for authorization or loan info. So I don't see short sale as an option, even if I could contact the prior owner, he does not have authority to sell.

Any suggestions on how this might be cleared up?  Does BOA have a dept. for this kind of situation?

Views: 73

▶ Reply to This

Replies to This Discussion

Permalink Reply by Wayne Brooks on July 28, 2014 at 1:51pm
Assuming it's upside down....no short sale can occur without the cooperation of the COA And the previous owners/mortgagee. Otherwise, the COA would be selling subject 2 to the underlying mortgages, likely by QCD, to either an ignorant sucker, or to a pro investor who knows he's just buying a limited time income stream, assuming it can be rented. Happens here every day. You do Not want to be involved in this if they're trying to sell to some typical homeowner.
Permalink Reply by Sharon Canada on July 30, 2014 at 11:43am

Thanks Brian and Wayne for your replies.  As it stands, there is no equity. Wayne, you present an interesting scenario that I had not considered.  But it is not the ideal solution in this case.  The condo association is going to accept 'service' from BOA and we'll see what happens from there.  Quiet Title had been suggested, but will not work due to current legal action in play with BOA. 

Thanks again for taking the time to reply.  I learned something new.  My newest question to the panel is going to involve Caliber Home Loans as a servicer.  Have Citi transferring service.  (always as soon as they get the SS package)  Just praying there's no Auction.com (again) in my future.  Happy Selling Gentlemen!

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************