HOA Foreclosed on Condo in 2009, now BOA is sending Notice of Foreclosures????

[whoops08]

We included our Condo in Hawaii in our CH.7 in July 2008. The HOA foreclosed on the condo in Sept 2009 using a fee conveyance, the land court docs show a sale amount and the instrument states fee conveyance to the HOA. Now in Jan. 2011 we have started receiving notices from BOA that the condo is going to auction in March 2011 and it lists our names on the deed still.

Haven't we already been foreclosed on and are no longer considered the owners of the property? Can we be foreclosed on twice?

Thanks for any answers.

[despritfreya]

The HOA took the property but took it subject to the BOA senior position lien. The HOA, not unexpectedly, could not find a buyer for the property that would bring enough $$ to pay BOA and then failed to continue to service the BOA loan so now BOA is going to foreclose and take back the property. You were notified by BOA since you are the borrower (discharged yes, but still the borrower). There is nothing for you to do, but yes, you can be foreclosed upon 2x.

Des.

[whoops08]

Thank you Des for the answer. So does this mean the foreclosure was recorded on our records in 2009 and a second foreclosure will be recorded once the auction sale is completed by the bank?

So we will have two foreclosures showing up on our credit/caivrs if and when they pull a title search? Or will they just go off the first 2009 recording?

Thanks!

The HOA took the property but took it subject to the BOA senior position lien. The HOA, not unexpectedly, could not find a buyer for the property that would bring enough $$ to pay BOA and then failed to continue to service the BOA loan so now BOA is going to foreclose and take back the property. You were notified by BOA since you are the borrower (discharged yes, but still the borrower). There is nothing for you to do, but yes, you can be foreclosed upon 2x.

Des.

[despritfreya]

So does this mean the foreclosure was recorded on our records in 2009 and a second foreclosure will be recorded once the auction sale is completed by the bank?

Very possibly "yes".

Des.

[tobee43]

Very possibly "yes".

Des.

isn't it true that a foreclosure stays on a credit report for 7 years while a bk is 10 years...so half a dozen or none??? LOL!!! aka...does it really make a difference in the scheme of it all, credit wise, as the bk is on there anyway? i mean this..and no disrespect, to the OP here, but what's a foreclosure or two they will most likely be off before the bk?...

[enuffznuff]

Well, but won't the second foreclosure reset the 3 year timeline to get financing for a new mtg after foreclosure? This may not matter to OP, but if a foreclosure happened in 2009, then in 2012 that 3 year timeline would've been up and assuming a decent credit history in the 4 yrs since bk then, financing for mtg may be available. if another foreclosure happens in 2011, now they they are out of it till 2014. I think. LOL.