Foreclosures Help Information

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Help With Foreclosure In California

Question: Who pays for overdue HOA fees in California foreclosure?

My primary residence was foreclosed on in California. I have not payed for HOA dues. Now the HOA is attempting to collect fees. Who is responsible for paying those overdue fees?

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Answer: You are responsible for paying the dues you owed up until the time the bank took over. Once the foreclosure happened and the bank became the owner, they are responsible for paying the dues from that point on.

Bankruptcy reform will help the foreclosure crisis

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Bank Foreclosure Australia

Question: Where can I find a listing of houses that are being auctioned (by a bank) in Australia due to foreclosure?

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Answer: In Australia the system works differently to the US. You often won't even know that a property for sale or auction is a "mortgagee in possession" (ie foreclosure) unless the real estate agent decides to use it as an advertising strategy. In Australia, you very rarely get your house foreclosed by anybody other than the lender, so you don't tend to get the city or local authority auctioning off homes for back-taxes like happens in the States. And the lenders here aren't quite as ruthless; consumer protections are much higher here and the lender is obligated to get the best price possible for the property, not just get enough to cover their mortgage in the minimum amount of time. So properties that are sold due to foreclosure tend to sell at or near market value, not at a significant discount like can happen elsewhere.

The best way to buy under market value in Australia is actually to find a property that has been badly marketed, isn't advertised because the vendor is too cheap to pay for advertising, is being sold because of a divorce or death, or has disadvantages (ie ugliness or repairs required) that could be remedied for less than it the price has been discounted to take that factor into account. eg An ugly property may have little street appeal and it's very difficult to get anybody interested enough to go inside, but when you get inside it's actually quite a nice house, and the exterior could be fixed for $5,000, but because of the limited appeal it is selling for $50,000 less than it would with an attractive facade.

But generally, it's true that buying under market value is not as common in Australia than in the US.

Homeowners And Bank Protection Bill

Second Mortgage Foreclosure In California

Question: I'm planning to relocate but my house is worth less than what I owe. What should I do?

I have received a job offer and I will be relocating from California to New Mexico. The problem is my house if worth about $240,000 and I owe $200,000 to one lender and $75,000 to a second lender. If I leave and rent in New Mexico I won't be able to keep up with the mortgage payments. What should I do? Do you think both lenders will OK a short sale or should I let the house go in to foreclosure? I have been with the house for 4 years now and have always made my payments on time.

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Answer: First of all, you never want a foreclosure on your record, so don't even think about that route. Try for a short sale, you never know until you ask.

Personal Financial Advice : How to Foreclose on a Second Mortgage