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What do I do in an HOA foreclosure? Short Sale? I wanna let go of place but stay as long as possible I am a month away from PA

Chatsworth, CA |

What do I do in an HOA foreclosure? Short Sale? I wanna let go of place but stay as long as possible I am a month away from public auction\

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Attorney answers 2

Posted

In California, when property is sold through the HOA's foreclosure, the third party buyer takes ownership subject to a 90-day right of redemption. The redemption period allows you the foreclosed owner to "redeem" the property by paying the delinquent amounts plus any collection fees and costs. (Code of Civil Procedure section 729.035 and Civil Code section1367.4(c)(4).)

Therefore, practically speaking, you have at least 90 days to stay before you would be evicted by the new owner (or the HOA if the HOA becomes the new owner).

The information presented here is general in nature and is not intended, nor should be construed, as legal advice. This posting does not create any attorney-client relationship with the author (who is only admitted to practice law in the State of California). For specific advice about your particular situation, consult your own attorney.

Asker

Posted

How can I delay this process?

Frank Wei-Hong Chen

Frank Wei-Hong Chen

Posted

Probably nothing short of bankruptcy, if you are already past the HOA's recording of a Notice of Default and Election to Sell.

Posted

If you can list the property for a short sale, and get a sale prior to your auction date, the HOA may permit you to complete the sale, because the HOA will be paid 100% either way. The difference is, they run the risk of ending up owning the unit at a public auction. So I would find a local real estate agent who is familiar with the short sale process, and the process of selling units in an HOA, and getting the property listed. If the HOA does not agree to a postponement of the auction, then the advice provided by attorney Chen is sound.

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