Miami judge grants reverse foreclosure

[DeadManCrawling]

http://southflorida.bizjournals.com/southflorida/stories/2010/01/25/daily10.html?surround=etf&ana=e_article

[DeadManCrawling]

This was a bit old for the main news section, and I have not seen it elsewhere.

This is also a special circumstance case.

1. The HOA had previously foreclosed, is my understanding, and was trying to get the first lienholder to accept its responsibility. That is my take, anyway.

2. The driving factor was unpaid association dues and maintenance.

Factors above will not apply in many cases.

This was also an association action, not a debtor action. I am hoping to explore the feasibility of doing this with our old house, which BoA is stalling foreclosure on.

[justbroke]

Yes, this reads to be a special case where the HOA had foreclosed. Interesting case, nevertheless.

[sofarsogood2]

I, too, would be curious if this could somehow be applied to normal foreclosure. The banks are really dragging their feet on taking title even after the foreclosure is done.

That leaves previous homeowners still on the hook for insurance and lawn maintanence (you can get fined by the county for over grown lawns- code violation).

They should be required to take title at foreclosure, or in some specific time frame, like 30 days post, IMO.

Waiting for some savy attny. to take this up- maybe as class actions.

[BROKEDED]

This was a bit old for the main news section, and I have not seen it elsewhere.

This is also a special circumstance case.

1. The HOA had previously foreclosed, is my understanding, and was trying to get the first lienholder to accept its responsibility. That is my take, anyway.

2. The driving factor was unpaid association dues and maintenance.

Factors above will not apply in many cases.

This was also an association action, not a debtor action. I am hoping to explore the feasibility of doing this with our old house, which BoA is stalling foreclosure on.

This really isn't that special and those factors happen fairly often. It just doesn't really help nor hurt most people looking at BK. This usually happens when the property owner abandons the property. The owner stops paying dues, late fees accrue, and attorney fees get tacked on. They usually start getting fines for CCR violations for overgrown yards and beds, trashcans, and then eventually the HOA forecloses and starts paying for minimum upkeep.

I'm an HOA board member in our neighborhood. We had an abandoned property. Abandoned 11/07, the HOA foreclosed 5/08, BoA paid us off 9/08, put it BACK in the homeowner's name and it's been sitting vacant ever since. BoA did hire a property preservation company to maintain the lawn but no one has paid the Dues.

We, the HOA, are close to foreclosing on the property again due to unpaid Dues plus the added late fees and attorney costs.

It has become common practice for banks to leave properties with their finger on the foreclosure trigger until they can find a buyer, then they foreclose, skirt out of paying Dues, fees, and fines. We have a fairly active HOA with a management company. These same properties in weak or inactive HOA's end up not even being maintained and become the eyesores of the neighborhood and REALLY bring down property values.

These are properties that fall in to the realm of the much talked about "shadow properties" that supposedly number in the hundreds of thousands and are expected to bring about the next wave of falling home prices.

Time will tell.

[justbroke]

Exactly... a shell game for the banks!

[BROKEDED]

Yep! To the government, the banks call these properties liabilities. To stock holders, they call them assets.

They spin the numbers to their advantage depending on who's hearing the story.