This isn't EXACTLY a credit issue, but I was hoping some of you hear might know a little about how this sort of thing works. So, I am going to take a chance and ask. Any input would be appreciated, and any input that helps me be able to sleep tonight would be GREATLY appreciated.... Here are the facts: We have been going through hard times and have run behind on association fees for our condo. The attorney for the association sent us a letter giving us until 12/26/05 (today) to pay the account in full or else they will â??begin procedures to judicially foreclose on the associationâ??s lienâ?. I sent a partial payment on Friday, which they will not receive until tomorrow because they were't open Saturday and there is no mail today. I do not have the rest of the money, but I will have most of it tomorrow and the remainder on Wednesday. I am not concerned that any action will be taken against us today because the courts, the HOAâ??s management company, and the HOAâ??s attorneyâ??s office are all closed today for the Christmas holiday. Now, here are my questions: Does anyone know specifically what is involved, for instance what steps would be taken, with â??beginning proceduresâ?? Is it likely that anything will actually happen tomorrow morning when the attorneyâ??s office and the courts open? Before any further action can be taken, do we have to be served papers or sent further notifications? Does the letter weâ??ve been sent by the attorney actually serve as some kind of legal notice, or is it just a letter telling us what they intend to do if we donâ??t pay up? Basically, the bottom line is that theyâ??ll have their money in full about two days after they wanted it. That is the best I can do. I am just trying to figure out what to expect, and whether I am in a whole lot of trouble right now. Thanks in advance for any advice.
Anyone? Any thoughts at all? I'm feeling a little sick over this, and all I can do today is stare at this computer and hope someone has some advice...
Having the dubious honor of being an HOA treasurer being "on the other side of the desk" so to speak in an HOA which at one time had serious delinquency problems. You need to check your state foreclosure laws with regards to HOA's. Your post states that it will initiate a judicial foreclosure which will be a lawsuit asking the court for the power to sell your property. Some states allow non-judicial foreclosure which is a much quicker procedure. What few owners realize is that hoa foreclosures often DO NOT get the hoa the money as the foreclosure keeps all superior encumberances - i.e. mortgages, property taxes and prior recorded liens remain. Your best course of action is likely to attempt to convince the HOA that you are quickly going to become current with the dues. No rational HOA wants to foreclose as they only want the money.
I've been there. I called the attorney, and they worked with me. if you are saying that you could have the money, why not try working something out with them. They basically want the money. If you could make some arrangement with them with up-front money and a plan to fairly quickly pay the balance they might work with you. Hope this helps.
