BigHandsome
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What is the name of your state? North Carolina
A friend on mines condo was foreclosed on by her HOA as a result of arrears HOA fees.
The date of the foreclosure is February 2018.
She has been paying her mortgage as usual and is still living in the condo.
The sale price that the HOA paid for the unit, according to Durham County, NC public records is $9,000.
Her mortgage company has not communicated with her at all.
According to the public records a law firm that represents the HOA acted as Trustee for my friend (the homeowner) and the HOA.
The public property documentation shows the foreclosure and transfer as a “warranty” deed.
My question; Since the property was foreclosed on by the HOA, is the homeowner still obligated to pay the mortgage?
Are there stipulations put on warranty deeds that would make the homeowner remain obligated to continue to pay the mortgage although the deed is in the name of the HOA?
When an HOA forecloses in a property do they get the deed free and clear?
Please advise and thank you, in advance for your time and attention to this matter.
A friend on mines condo was foreclosed on by her HOA as a result of arrears HOA fees.
The date of the foreclosure is February 2018.
She has been paying her mortgage as usual and is still living in the condo.
The sale price that the HOA paid for the unit, according to Durham County, NC public records is $9,000.
Her mortgage company has not communicated with her at all.
According to the public records a law firm that represents the HOA acted as Trustee for my friend (the homeowner) and the HOA.
The public property documentation shows the foreclosure and transfer as a “warranty” deed.
My question; Since the property was foreclosed on by the HOA, is the homeowner still obligated to pay the mortgage?
Are there stipulations put on warranty deeds that would make the homeowner remain obligated to continue to pay the mortgage although the deed is in the name of the HOA?
When an HOA forecloses in a property do they get the deed free and clear?
Please advise and thank you, in advance for your time and attention to this matter.