All Forum Posts by: Maurice D.

"I’d rather keep the house! It needs lots of work, but it’s in a very desirable area so there’s lots of potential. "

Just remember, never get emotionally attached to a property.  there will be more!  don't overpay for it from the first buyer.

it won't wipe out the mortgages.  they are first in, so they stay.  problem is, you don't have full view of the balance on the 1st specially if they did a loan modification and the modification is not recorded.  

well the benefit is you have more seats at the table..  when it comes time to vote on say allowing short term rentals and you have 9 units out of 16, you probably can get it past? 

that's the only benefit I can think of, but not 100% sure it works that way depending on their by-laws

you go to your local county court house on the 1st Tuesday of every month.

So it looks like these days, an HOA foreclosure may not be a bad deal, you bid enough to pay it off and then you have to pay the first mortgage. I am seeing several auctions and there is plenty of equity 50% or so) to make it a decent deal.

my question is, for example HOA lien is 10k, 1st mortgage balance 100k ARV 210k

This could get bid up to 110k or so, Does the trustee pay off the 1st (or applies excess above the 10k to the 1st)?  or do you only bid down in the HOA lien range? I am wondering if the excess goes to the homeowner or applied to the 1st mortgage.

Also, a more specific question, found one that has an OLD 120k IRS tax lien from 2010.  that is expired, easily removed.  but what happens when it is still there?  do excess funds above the HOA lien get sent to the IRS?  or does the HOA have a higher priority over IRS liens in Texas and extinguish it?  In this case there is also a 1st of about 100k.  who gets the excess? the 1st or the old IRS debt?

whats a DADU?

any restrictions or permits needed in Summit county?  I've heard they were getting tough on STRs up there..

wouldn't proceeds from the foreclosure go towards the first lien first? how much did you win it by, and how much was the first and second balance?

Glad it got sorted out.   for others in a similar situation, offer to help them move (hire movers) or bribe him.. 

how did you convince him?

How are you NOT hitting DTI issues on refi with all the mortgages and a large LOC pooling the equities?