Association Foreclosures
Hello everyone, I'm a newbie. I just wanted to ask if typically association foreclosures are resolved between the owner and the association before the sale. I imagine that once the owner receives notice that he either pays or gets foreclosed, most of the time they pay. Any comments are appreciated.
I see much more of these than I should, it is not an area of focus for us, however I have seen 5 or 6 of these in reasonable areas go in the last month. Of these there seems to be $1500 to $3000 owed.
To answer your question I think many are resolved but not all! Could be a nice niche market for you! :-o
Its not my game but may be worth a shot.
There was a CC&R foreclosure east of Sacramento, CA where the owners had an illness and didn't pay their debts, not just the association fees. The news media has picked up on this and tried to make it look like the original owners were ripped off. What the news has downplayed is that the owners also owed $10000 in what appeared to me were mechanics leans and that the homeowners in general did not keep up with their bills.
Here is a link to one of the stories. If you search this newspaper's site for "homeowners association foreclosure" you will find several articles on this case.
http://www.sacbee.com/content/homes/re_news/story/8946493p-9872693c.html
HTH,
Robert