Foreclosure on $0 Balance Condo

A customer called that owns her condo out right there is no mortgage. She is currently in foreclosure due to HOA dues, fees etc. She is currently going through a divorce and can't dispose of the property.

I advised her to go to an attorney. Is there a better response I could have given her? I have never dealt with a situation like this.

Views: 49

Replies to This Discussion

Permalink Reply by Eric M. Boyd on January 7, 2010 at 5:42am
Yeah, an attorney would be the first person she talks to about this, and I'll guess they'll want to make sure that she is represented during any hearings on the foreclosure, so they can delay any sale while the divorce process is occurring, or at least give her time to sell it. What does her divorce attorney recommend? Certainly those folks have dealt with property issues before.
Permalink Reply by Kim Dove on January 7, 2010 at 5:53am
What's bad is that it is a pretty messy divorce and she is already in about 18k with the divorce attorney. I think that is why the HOA weren't paid.

Eric M. Boyd said:
Yeah, an attorney would be the first person she talks to about this, and I'll guess they'll want to make sure that she is represented during any hearings on the foreclosure, so they can delay any sale while the divorce process is occurring, or at least give her time to sell it. What does her divorce attorney recommend? Certainly those folks have dealt with property issues before.
Permalink Reply by Mori Langshaw Sr on January 7, 2010 at 6:32am
Gosh! Interesting. From a business perspective - how much are the HOA's? Maybe, just maybe, there may be an investment opportunity for a client to save the day. I would need to know much more though. Its rare that an HOA forecloses but a free and clear would probably happen, not sure.

When is the foreclosure if they are foreclosing? Have you talked to the HOA folks? I would do that before getting an attorney.
Permalink Reply by Kent Dills on January 7, 2010 at 6:52am
State laws are different so it would be useful to know which state applies to your scenario.
What state is the property in?
Permalink Reply by Kim Dove on January 7, 2010 at 7:29am
Florida, Clay county

Kent Dills said:
State laws are different so it would be useful to know which state applies to your scenario.
What state is the property in?
Permalink Reply by Stephanie Lim on January 21, 2010 at 2:16am
Kim--I was about to say I'm seeing this type of thing more and more in the Jacksonville area then I got to your post about it being Clay. Which management company?

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