Posts Tagged ‘foreclosure’
Homeowner Association Lien Typically Lost By Foreclosure
Question: A homeowner in our Glendale community has not paid the monthly HOA fees for more than a year, and our HOA now has a lien of $8,000 for delinquent monthly HOA fees. The HOA president recently received a notice of foreclosure from the homeowner’s mortgage lender. If there is a foreclosure by the homeowner’s…
Read MoreWeighing Options for Seller with Carryback Loan on Land
Question: In one of your columns a buyer had purchased forty acres of land in northern Arizona (“Forty Acres”) with financing for the purchase of this Forty Acres by a seller-carryback $200,000 five-year mortgage loan. After five years, however, there had been none of the anticipated development in the area, and the Forty Acres was…
Read MoreMortgage 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…
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