13 or 7...i heard 7 was better...i talked to the collection lawyer...they told me to go to the board....board wants me to come up with a big amount upfront...they didnt tell me how much...i have no job ..on unemployement for now...so i dont have what thr asking for??
Chapter 7 will only temporarily stop a foreclosure. The HOA will still have its lien and could foreclose for nonpayment.
With Chapter 13, you have the change to get a court ordered plan that allows you to get caught up over a period of up to 5 years.
btw....how does the hoa foreclose if my mortgage is "first"
and what would be the cost for chpter 13
The HOA is like a second mortgage in a sense. If they foreclosed, the HOA would own the property and the first mortgage would still be in place. if they didn't pay, then the bank would foreclose. Cost for a Chapter 13 is often decided either by the local courts or by whatever the attorney and client negotiate together.