InnoVest's Foreclosure Forum
Ward takes the stairs.

InnoVest Resource Management's

Foreclosure Forum

Home

Discussion Board

"Hands-On" Training

Title Holding Trust

Annual Reunion

Speaking Schedule

Store

Foreclosure Fundamentals

Code References

Recent Legislation

50 State Foreclosure Basics

Foreclosure Glossary

Foreclosure Statistics

75+ Yrs Interest Rates

Fillable Forms

Archived Articles

Dingbat Retirement Plan

Links

Booklist

Contact / Map | Priceline Tips

About Us

Home

 

Innovest Resource Management BBB Business Review

HOA lien and equity

MTI
September 28, 2011 09:58AM
I am guessing this is a Rick Harmon or Ward question. First off, here are the facts: my company purchased a property at a California trustee sale where the HOA was foreclosing. The total debt bid (and opening bid) was 7500.00 and our winning bid was 85,000. There is a current 1st mortgage originated in 1985 with a balance of approx. 52,000. The fixed up value of the property is 340,000 or so (it needs about 30k in repairs). This is a condo, and no one in the community has seen the owner since 1987 or so. Inside the condo, it looks as though it hasn't been touched since 1987. In fact, there is a 6 pack of beer in the fridge from about that time. Once again, the 1st mortgage is current and was paid after we purchased the HOA lien. Taxes are also current. We are about 30 days into the 90 day right of redemption period and I honestly dont think he's going to redeem. Also, the trustee doesn't even have another address for him other than the property we bought so his overbid (85,000-7500) of 77,000 will never reach him. 1st question, do we have any claim to that overbid if he never claims it? I'm am assuming we dont, but its worth a try given the amount. Secondly, thoughts on where he might be? My thought is he's incarcerated and his first mortgage is on auto-pay. I would love to know your thoughts....

FYI- Rick I just read your probate book and I love it! My company has purchased about 500 properties since the start of 2008 and we are particularly keen on on the tricky deals, as it seems those are the ones (like the above) that not many people go after. Probate seems to be even trickier but we are looking forward to the opportunity!
Subject Author Views Posted

HOA lien and equity

MTI 4107 September 28, 2011 09:58AM

The Big Six...

Rick Harmon 2909 September 29, 2011 02:14PM

Re: HOA lien and equity

GJ 2689 September 29, 2011 07:30PM

Re: HOA lien and equity

Kristine-CA 2601 October 05, 2011 11:20PM

Re: HOA lien and equity

Island Time 2749 October 13, 2011 11:24PM

Re: HOA lien and equity

Rick Harmon 2590 October 15, 2011 08:57AM

Re: HOA lien and equity

MTI 2578 October 17, 2011 09:06AM

Re: HOA lien and equity

Rick Harmon 2571 October 17, 2011 11:11AM

Re: HOA lien and equity

MTI 2563 October 18, 2011 04:07PM

Re: HOA lien and equity

Island Time 2754 October 17, 2011 04:01PM



Sorry, only registered users may post in this forum.

Click here to login

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2024, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455