HOA Foreclosure Question

[Lilyat108x]

I have two LP going on at the same time. One is from BofA the other from my HOA. The HOA is foreclosing faster than the bank. After the HOA forecloses on me, who does BofA foreclose on when they get around to it? Will I have two foreclosures? I am confused. Thanks!

[justbroke]

There will be two foreclosures. You will be named in both. This is because you are both the legal title owner and you are on the Mortgage. The bank has to include you in the foreclosure lawsuit even if the HOA gains title to the property before the bank completes its foreclosure.

The bank always names the HOA as a defendant in foreclosure actions because most HOA have some sort of statutory lien upon the property and the HOAs must be named defendants. So in the bank's foreclosure action, the HOA could fight the foreclosure (unlikely) or you could fight the foreclosure (unlikely since you would not have title).

Let's just say that this is the way that it is supposed to work.