Conveyance of Deed to Lender in Lieu of Foreclosure and junior?: Will Conveyance of Deed to Lender in Lieu of Foreclosure have the same effect as a foreclosure in distinguishing junior liens? Including HOA lien?
David’s answer: Generally, even when a deed in lieu of foreclosure is executed, essentially conveying the property back to the lending institution, the lender SHOULD HAVE already performed an updated title abstract search verifying any outstanding liens that may affect their interest in the property. Most lenders will not take property back subject to liens with higher priority. The DIL extinguishes the defaulting homeowner/ borrower's interest and has a similar outcome as a foreclosure sale. See www.provenresource.com for more information.
How can I remove lien from home from previous owner in may 2003, both lenders on record went out of business?: Title company will not insure until lien has been resolved, so sale can’t be completed. This matter applied to previous owner and this has been my primary residence since property was acquired in 2014. It was sold to us after grandson received estate from deceased grandmother.
David’s answer: You would need to first have a real estate attorney review the title abstract before you consider an action for declaratory relief - an action for quieting the title. Only a court of competent jurisdiction can remove the liens. See www.ProvenResource.com for more information.
What is the best way to correct HOA wrong accounting?:
HOA obtained judgment for late assessments and a LOT more for legal fees.
Payment was made directly to HOA to pay off the sought assessments and subsequent assessments to date and it was made clear that this is NOT to pay off the judgement.
HOA instead of applying the payment according to CCP5655 to past due assessments, they partially paid off the judgement.
HOA is now wanting to foreclose again seeking the assessments that should have been paid and are not willing to correct their accounting.
What can be done to combat this and prevent that unjust foreclosure in CA?
David’s answer:
Generally, if there is an alleged accounting issue or error that is alleged, then one can either bring suit for an action in accounting, or where a mortgage lien or HOA lien is involved, you have rights under the FDCPA to have the HOA or lender provide for a full accounting within 30 days of their foreclosure notice.
See ProvenResource.com for more information. We are attorneys in Ohio and Michigan and so I would you encourage you to seek the advice of California real estate counsel.