Foreclosures & Short Sales
Mortgage Lender Generally has the Right to Either Foreclose or Sue
Question: We bought forty acres of land in Coconino County five years ago for $200,000. We made a $20,000 cash down payment, and the seller did seller carryback financing of $180,000, plus ten percent interest, all due in five years. Although the forty acres of land in Coconino County was to be part of a…
Read MoreForeclosure Proceeds After HOA Foreclosure
Question: Thank you for your recent column on the right of an HOA to foreclose on a home for nonpayment of $3,000 in delinquent HOA dues. In your example the house was owned free and clear, and was valued at $185,000. My question is, after the foreclosure sale, would the HOA get the entire $185,000…
Read MoreStatute of Limitations for HELOCs
Question: When we bought our Chandler home in 2006, we got a 30-year first mortgage with Bank of America, and a Wells Fargo $100,000 second mortgage home equity line of credit (“Wells Fargo HELOC”). We used this $100,000 for a swimming pool and for landscaping in our back yard. In 2011 we both lost our…
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