C
condo
Guest
HomeGuru:
Situation: 3rd lienholder on close relative's unit; unable to come up with $30M special assessment; HOA threatening foreclosure.
If we allowed HOA to foreclose: Specifically, under what circumstances could my lien be paid?
Could HOA sell for any $ amount at sale regardless of liens once they take possession?--if up for bids, would I have priority and would I be obligated to cure HOA assessment?
If I filed foreclosure after HOA, is it possible that I would be "awarded" possession without curing the HOA assessment?--would my foreclosure supercede HOA's?
How do courts determine possession and how is the new Buyer determined?
If I file foreclosure PRIOR to the HOA: Would this ensure my possession? (1st & 2nd would remain current)
Would I be obligated to the HOA assessment?
Could I then sell on open market?
Could HOA prevent sale by reattaching the special assessment to property? (no buyer would consider above market price)
Could a senior leinholder bump me out if I foreclose or if HOA forecloses?
If owner filed a Homestead would it supercede special assessment and protect the prior liens and/or equity? (HOA lien has not been filed yet)
Alternatives on how to take possession of property and secure my interests without being liable to the HOA?
what is my best action plan?
If HOA forecloses, regardless of insufficient equity to payoff, how would they be further be able to seek personal collection? Doesn't the single action rule in California allow either go after property or person, but not both?
Situation: 3rd lienholder on close relative's unit; unable to come up with $30M special assessment; HOA threatening foreclosure.
If we allowed HOA to foreclose: Specifically, under what circumstances could my lien be paid?
Could HOA sell for any $ amount at sale regardless of liens once they take possession?--if up for bids, would I have priority and would I be obligated to cure HOA assessment?
If I filed foreclosure after HOA, is it possible that I would be "awarded" possession without curing the HOA assessment?--would my foreclosure supercede HOA's?
How do courts determine possession and how is the new Buyer determined?
If I file foreclosure PRIOR to the HOA: Would this ensure my possession? (1st & 2nd would remain current)
Would I be obligated to the HOA assessment?
Could I then sell on open market?
Could HOA prevent sale by reattaching the special assessment to property? (no buyer would consider above market price)
Could a senior leinholder bump me out if I foreclose or if HOA forecloses?
If owner filed a Homestead would it supercede special assessment and protect the prior liens and/or equity? (HOA lien has not been filed yet)
Alternatives on how to take possession of property and secure my interests without being liable to the HOA?
what is my best action plan?
If HOA forecloses, regardless of insufficient equity to payoff, how would they be further be able to seek personal collection? Doesn't the single action rule in California allow either go after property or person, but not both?