Saturday 26 March 2005

HOA Foreclosure Fees

Home Owners Associations are far more prevalent today than perhaps a few decades ago. Nowadays if you buy a condominium or a townhouse or even many average single-family homes; like it or not, you will most likely be a part of an HOA community. That means there will be various fees that you will need to pay on top of your mortgage. So what happens when your home is foreclosed upon? What fees can you expect to owe to your HOA? We will proceed to discuss this subject right now.
To begin with, we will explain the basic purposes of the HOAs. They are legally obligated to manage and oversee the maintenance of their specific community in accordance with the laws for their home state. Each HOA typically has its own set of rules and restrictions that apply to every home within that community; including YOURS. In addition to being the party who enforces these rules and restrictions; the HOAs are responsible for collecting any fees or assessments that are associated with each home within their community. If this sounds a bit over the top and like something you are unwilling to abide by; we firmly suggest looking into whether your prospective home is managed by an HOA BEFORE YOU BUY IT!! If you are not familiar with their legal terminology at any point before or after you buy your home, DO consult your real estate lawyer.
It is vitally important for you to know that; if an HOA has a lien on your property, it IS LEGALLY entitled to foreclose on that lien. This is true even if you are paying off a separate mortgage fee and are on time with those payments. The specifics involved with these proceedings vary depending upon state laws and the rules spelled out in the first place by your HOA. Again; if you do not like these concepts of an HOA, DO NOT move into a home where an HOA exists!! That is the best way to avoid all of these problems. However; on the positive side, a community may be much more well-maintained and enjoyable to live in if an HOA is in charge of it. So there are definitely good points to having an HOA.
There are legal options available to you if your Home Owners Association begins foreclosure proceedings against you. For complete details; again we urge you to contact your lawyer. However in general; one option is to legally have their accounting records examined by an expert. It is possible this will prove if incorrect accounting has led to this foreclosure action. If the HOA fails to comply with this legal request, your foreclosure proceedings might be dismissed. Another reason for possible dismissal of this action could be if your HOA did not abide by your state laws when it filed foreclosure proceedings against you. This can also be proven and legally challenged by an official expert on these matters. In either case you should be prepared to go to court if necessary to fight for your home.
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Thank you for reading.

Saturday 5 March 2005

How Long Does It Take to Buy a Foreclosed Home?

Buying a foreclosed home involves a few different processes than simply buying a property directly from a seller, so it pays to be aware of the amount of time that you're going to have to wait before you can finally call the property your own.

The key is putting yourself in a position to make an as-is offer quickly, while being able to prove that you can secure the necessary funds to make the purchase. If you have to wait to secure a loan then the process takes a little longer, as you would expect from any house purchase.

Without a Loan

If you don't have a loan then your first step should be to secure one. Many banks will want to see that you have been preapproved before they will sell a foreclosed property to you, as they do not want to be in a situation where they have to repossess the house again a couple of years down the line.

If you have to secure the loan after already making your interest known, you can expect to wait at least a month to get all of the required paperwork done. This means that the entire process will take somewhere in the region of two months to complete.

When Preapproved

If you approach a bank about a foreclosed property and you already have preapproval for a loan then you are in a far better position. For a start, the bank will know that they can trust you, which means they can get the relevant processes started quickly.

As such, you can expect to wait about 3-4 weeks from your as-is offer to the closing of the deal if you already have pre-approval for a loan in place. Closing on the property should not take very long at all once a price has been agreed.

So What About Closing?

The closing procedures on a foreclosed property are generally much quicker than they would be for a property being sold by an individual seller, as you don't have to deal with any waiting times that may arise as a result of the seller needing to stay in the property you have just bought, as it is empty and thus available for you to move into as soon as you are ready.

Furthermore, banks will also be very keener to get the house mortgaged to a new owner, which means you will often find the paperwork gets completed much more quickly. Additionally, as you are taking away any sentimentality involved in the sale you will also find that things happen a lot more smoothly.

The Final Word

As such, a general rule of thumb is that you should be able to purchase a foreclosed property in about a month, assuming that you have all of the relevant finances sorted out beforehand.

If you don't then you will need to wait for whatever time your lender requires to secure a loan, in addition to the time it takes for the deal to be processed, which usually leans towards 2-3 months.