How long until the trustee takes over the deed

[pattygg5]

Okay, so I just found out I still owe my HOA post b/k and until the trustee takes over the deed. How do I found out when this will happen. Who do I contact?? I'm so pissed because my atty said nothing about this HOA owing. I've been submitting the bills to the atty and I've heard nothing. Today I decided no big deal to call the hoa and let them know about the b/k as a courtesty. I was then informed we are liable for my HOA dues until the trustee takes over the deed. Does any know who to contact to see when the bank will take over our home that we surrendered?? Our b/k was discharged last month..

Any information on this is greatly appreciated..

[StartingOver08]

The Trustee does not take over your deed.

If you surrendered your property to the lender in your bankruptcy, the lender is the one that gets the property. The lender has a secured interest in the property (mortgage). The lender is the one that has to foreclose on the property in order to properly transfer the title from your name to their name.

The only other way is to do a deed in lieu, but it is up to the lender to choose to accept or not accept your deed in lieu.

As to the timeframe, each area is different. Here in S Fl it takes a long time to F/C (especially if you are under water). If you have equity...then the foreclosure goes much faster!

[DeadManCrawling]

Welcome to the Land Of The Lost.

Foreclosure can take years in some areas. I am in one, and am looking at a total of 2-3 years, according to my attorney and local real estate friends. I am hoping for much sooner, since, like you, I don't want to pay any more HOA fees than necessary.

Time for you to start researching the foreclosure process, but I will give you one tip in advance. There is NO legal way to speed up foreclosure. You cannot demand the bank take it back, you cannot sue them, you cannot do ANYTHING that will help quicken the process. Believe me, I have searched high and low, and the law simply never imagined the lenders trying to avoid foreclosures. Not all lenders, and not all properties, but enough that it shows up on this board with increasing frequency.

Good luck.

[pattygg5]

Do you just continue to make HOA payments?? I just now found this out and since we filed in June I'm 6 months behind!! Can these dummies come after me for past due HOA fees and to what extent?? I thought this was all over...

[RBisDebtFree]

Yes, I also wanted to have a somewhat certain answer to this question...

Here's my understanding. In my case I haven't paid property taxes, water and sewer bills -- they all lien against the property so I guess whoever will want to buy/sell the property will either carry over the debts or will have to pay all in full. Let's say the bank pays it off before selling, they can't do anything to you because your debt to them is discharged, if the county or city take the house and sell it to get their money, there probably won't be any defficiency so they can't sue you, so, it doesn't seem like a big threat to me...

[StartingOver08]

HOA fees in Fl are different - the state statues limit the amount that the bank is required to pay for past due HOA fees to 1% of the mortgage or 12 months. So if you owe more than that the association can go after the previous owner (you) to get the balance of the fees.

From what I have actually seen though on the HUD's for REO properties, as a practical matter, the bank has been paying all of the outstanding fees so there is no title issue when they sell the property.

[RBisDebtFree]

I wonder where you can find statues for other states, I couldn't find the ones for my state (Washington)...

[StartingOver08]

You can start to look here: http://apps.leg.wa.gov/RCW/default.aspx?Cite=61

I found a reference to condo dues (not HOA dues) here:

http://distressedrealestate.org/if-y...lien-priority/

[RBisDebtFree]

Very useful links, thanks!

[StartingOver08]

Found something regarding HOA liens in Washington state here: http://apps.leg.wa.gov/documents/bil...%20S5569.1.pdf

[RBisDebtFree]

That's interesting information, thank you! I will look more for information on property taxes, water and sewer bills...

[aljohnson007]

Not suggesting anyone do this but I surrendered a property in C7 and was stuck in a simliar situation with HOA so filed a quit claim to BofA. I spoke with the HOA manager this week and he informed me they were going to forclose on the property if BofA does not pay the monthly fees. As I understand this complicated matter, after discharge, I had no financial interest in the property and therefore a mortgage did not exist. My quit claim only released the remaining intererst in my name on the title and I am done with this property. The HOA attorney is well known in West Palm Beach, FL and agrees that I am on solid ground, otherwise, they would be after me. Will let everyone the know outcome.

[RBisDebtFree]

I am glad I don't have any HOA -- just property tax, water and sewer -- will hope that it is better!