If the HOA forecloses and becomes responsible for the 1st deed, how does that effect me and my credit ?

Asked over 3 years ago - Sacramento, CA

Will the mortgage company release me of my responsibility? The HOA takes away my interest in the property by foreclosing, does the HOA also assume my responsibility to the mortgage as well? If they don't pay the mortgage does that reflect on my credit report?

Attorney answers (2)

  1. Frank Wei-Hong Chen

    Contributor Level 20

    Answered . If the HOA takes title, then the HOA becomes responsible for paying the mortgage. If you allow the HOA to foreclose, it will already appear negatively on your credit report.

  2. Bernard James Conway

    Contributor Level 14

    Answered . The HOA foreclosure will not relieve you of the mortgage debt. Until you complete a transfer of title - you're still on the hook.

    Legal disclaimer: This is not legal advice and is not intended to create an attorney-client relationship. The post... more

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