Tuesday, April 2, 2013

Who Has the Primary Claim on my Foreclosed Home: the Bank or HOA?

Question: Do we qualify for the state or federal foreclosure settlement? We filed for bankruptcy a couple of years ago as the loan modification of our mortgage was taking too long. Subsequently, we had a mediation to try and remedy our situation, but the mortgage company traded or sold our account to another lender. We showed up and were not even notified. While we were trying to mediate our case, our HOA had our home up for foreclosure sale within a month.

Response: If HOA is suing you, their position is subordinate to that of the mortgage company and they have to wait for the bank to foreclose upon your apartment/house in order to get the money owed to them. If the money received by the mortgage holder is less than what is owed under the mortgage, HOA may not be getting anything at all. HOA usually likes to expedite foreclosures because they want the apartment with unpaid fees gone and to get a new owner who will pay the fees. But as far as a foreclosure conference with them, it is not mandatory but they will often appear for settlement conferences you will have with the lender.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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