Condo just received a lien for non payment of hoa dues

Submitted by robs_41 from CA - 06/06/2009 - 3:16pm

Im in California, my condo just received a lein, i have 30 days to pay or they say they will forclose, if they do, will i have to move out now? How long before they can sell it? What happens to countrywide who holds both first and second?

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Comments

Submitted by Sean - 06/07/2009 - 10:12am

If they foreclose, that process takes a minimum of 120 days. After that you still have 90 days to redeem the property (see CA Civil code 1367.4(c)(4)). If they do foreclose the loans from Countrywide would remain, unaffected, other than the fact that you no longer own the property (though you would still be responsible for the loans).

Submitted by robs_41 - 06/07/2009 - 3:54pm

Okay thank you, so if I receive a NOD from the hoa on July 1st, I have 90days after that they set a sale date, sell my condo, after they sell it, I have 90days to redeem it back is that right?
 
Question, what if a private investor buys it, cant they kick me out, or do I have the right to redeem from the buyer, can I stay in my condo during the redemption period after the sale.

Submitted by robs_41 - 06/07/2009 - 11:40am

Okay thank you, so if I receive a NOD from the hoa on July 1st, I have 90days after that they set a sale date, sell my condo, after they sell it, I have 90days to redeem it back is that right?
 
Question, what if a private investor buys it, cant they kick me out, or do I have the right to redeem from the buyer, can I stay in my condo during the redemption period after the sale.

Submitted by Sean - 06/08/2009 - 9:49pm

Roughly right and the same rules apply to either an investor or the bank.

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