I am in the arrears by my homeowneer's association. I put forth a proposal to allow me to start paying for this FY to at least bring this year current and make arrangements to pay the arrears in installments. They said no, that they were going to foreclose. Howver, I still owe 132,000 on my mortgage and I do not have that much equity in my house. If they foreclose, will they assume my mortgage?
Answered on: 7/22/13, 8:11 am by Robert Sher
If they were to do this, whoever became the purchaser at foreclosure would do so subject to your mortgage, so unless there was sufficient additional equity in your property, it's unlikely all of this would happen. More likely they will just get a lien secondary to the mortgage and if you transfer title the lien would have to be paid off. They can also sue you for a money judgment and attach your assets or paycheck to collect what you owe.
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