The Recent Wave of Foreclosures!

You would have to be living under a rock to not know that the U.S. is experiencing one of the worst real estate down cycles in history. The real estate market seems to affect everyone that I have come into contact with recently. It is either the HOA board looking for advice on how to handle foreclosures in their neighborhood or the community member calling for advice on how to avoid or slow down the foreclosure of their condominium.

There really isn’t a one size fits all answer to these types of problems. Every homeowner and every community is unique and each faces their own unique challenges. However, there has been one running theme that seems to be present in all of these desperate calls. Many times the homeowner has waited until the bank is actually posting the foreclosure notice to the door.

Many lenders, in fact most, now have programs for the down and out homeowner. My best advice is to contact your lender as soon as you feel that you will be unable to meet your monthly mortgage payment. I cannot make any guarantees, but I can only assume that lenders today DONT want any more foreclosures on their books.

Well, what can the HOA board do in these type of situations? They could add general tips and advice to their monthly community newsletter, or HOA website. Any proactive advice and support from the Board doesn’t stop a foreclosure but it could certainly help under certain circumstances.

Good Luck!

Note: The information contained is not legal advice and does not establish an attorney-client relationship. Contact us via email Ryan.McClure.Esq@gmail.com, website: http://www.rpmcclurelaw.com/, or call us at 951.818.0687