InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Association Forclosure Posted by John-CA on April 29, 2003 at 8:39 AM Hi Ward Got a question. I did a title search on a property in FC (on the first) and noticed there was a second default notice posted recently. I was a bit surprised to learn it was the Association they live in that was forecloseing. There had been a number of Delinquent Assessments before this but I didn't think they'd start this FC procedure so soon. Anyway, that isn't a big deal but what really shocked me was the NOD they posted says: "Notice of Default and election to sell for default in pament of assessment lien". It goes on to say it can SELL the property "without court action". I also says the owners have 3 months to reinstate. This sounds a lot like a "trustee sale"-like set up. Here's my question: I thought Associations had to do judicual foreclosures in CA. In fact, in our discussion in your class I thought you mentioned that the primary source of judical FC's in CA were from Associations. Why does this seem to imply they can do a "power of sale"-like forclosure, ie trustee sale. I didn't think that was possible in CA. In fact, I've been told judicial foreclosures in CA take a LOT longer than 3 months.... Thanks... jom-CA Follow Ups: Non-judicial foreclosure of an HOA lien in CA.. Ward-CA- 12:44 AM, 04/29/03 (2) Re: Non-judicial foreclosure of an HOA lien in CA.. jom-CA 1:03 PM, 04/29/03 (1) Practice changes slower than law SeanW 2:15 PM, 04/29/03 (0) Re: Association Forclosure Rick Harmon 10:34 AM, 04/29/03 (2) Re: Association Forclosure SeanW 2:21 PM, 04/29/03 (0) Re: Association Forclosure JOhn-CA 11:50 AM, 04/29/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi Ward : Got a question. I did a title search on a property in FC (on the first) and noticed there was a second default notice posted recently. I was a bit surprised to learn it was the Association they live in that was forecloseing. There had been a number of Delinquent Assessments before this but I didn't think they'd start this FC procedure so soon. Anyway, that isn't a big deal but what really shocked me was the NOD they posted says: : "Notice of Default and election to sell for default in pament of assessment lien". : It goes on to say it can SELL the property "without court action". I also says the owners have 3 months to reinstate. This sounds a lot like a "trustee sale"-like set up. Here's my question: I thought Associations had to do judicual foreclosures in CA. In fact, in our discussion in your class I thought you mentioned that the primary source of judical FC's in CA were from Associations. Why does this seem to imply they can do a "power of sale"-like forclosure, ie trustee sale. I didn't think that was possible in CA. In fact, I've been told judicial foreclosures in CA take a LOT longer than 3 months.... : Thanks... : jom-CA Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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.

Copyright © 1997-2003, 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