Saturday, December 29, 2007
Can a homeowners association foreclosure
WAIS Document Retrieval: "1367.1. (a) A regular or special assessment and any late charges, reasonable fees and costs of collection, reasonable attorney's fees, if any, and interest, if any, as determined in accordance with Section 1366, shall be a debt of the owner of the separate interest at the time the assessment or other sums are levied. At least 30 days prior to recording a lien upon the separate interest of the owner of record to collect a debt that is past due under this subdivision, the association shall notify the owner of record in writing by certified mail of the following: (1) A general description of the collection and lien enforcement procedures of the association and the method of calculation of the amount, a statement that the owner of the separate interest has the right to inspect the association records, pursuant to Section 8333 of the Corporations Code, and the following statement in 14-point boldface type, if printed, or in capital letters, if typed: 'IMPORTANT NOTICE: IF YOUR SEPARATE INTEREST IS PLACED IN FORECLOSURE BECAUSE YOU ARE BEHIND IN YOUR ASSESSMENTS, IT MAY BE SOLD WITHOUT COURT ACTION.'"
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2 comments:
I have a mortgage and a second loan on the same property which is my primary residence. I have used the second mortgage to purchase a second home which I thought will be able to sell within a few months of time. But time is over and it has been over 6 months since I tried to sell the home. So, what I can think of is, either I go for the second mortgage refinance or rent the second home or short sale will be ok? Either of these would be better than foreclosure, isn't it? Pls help me decide which will be the right way.
You should probably consult with an attorney or other financial adviser to make sure you are doing everything correctly and work out a budget so you do not fall behind on the payment plan..fake rolex
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