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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Seek expert advice Posted by Tom on May 19, 2009 at 7:26 AM In Reply to: Re: How many months deliquent? posted by Melissa on May 19, 2009 at 6:01 AM Sounds like in most states that most of the delinquency would not be inforceable by the HOA, however the H/O would be responsible. If there are several foreclosures/delinquencies, the HOA could be very agressive in collecting the delinquencies. A lender's write-off of any loan balance does not absolve the borrower from the indebtedness. It's up to the lender if they would consider a short sale and on what terms. As an investor any deficiency is taxable income to you. You should seek an attorney well versed in foreclosures, bankruptcies, etc. Don't get a Johnny come lately to this area of the law. Many have gotten into this area of law recently because that's where the money is. Seek one out with > 10 years experience in the areas of speciality that I mentioned. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Sounds like in most states that most of the delinquency would not be inforceable by the HOA, however the H/O would be responsible. If there are several foreclosures/delinquencies, the HOA could be very agressive in collecting the delinquencies. : A lender's write-off of any loan balance does not absolve the borrower from the indebtedness. It's up to the lender if they would consider a short sale and on what terms. As an investor any deficiency is taxable income to you. You should seek an attorney well versed in foreclosures, bankruptcies, etc. Don't get a Johnny come lately to this area of the law. Many have gotten into this area of law recently because that's where the money is. Seek one out with > 10 years experience in the areas of speciality that I mentioned. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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