We are a small HOA that foreclosed on a unit due to nonpayment of HOA dues for several years. The auction took place. It unfortunately, there were no bids and as a result, the HOA now owns the property. at this point, the Collection company that we used indicated that w would need to seek legal counsel on our next steps. So, now that the HOA owns the property, what does that mean exactly. The individual is still in the unit so I suppose we would need to evict her but at the same time, there is someone who is interested in purchasing the unit. How would they go about that process? We are at a loss on what the next step would be? Would the owner need to locate the mortgage Lender and negotiate that way?
1 Answer from Attorneys
You are expecting too much from a free question and answer forum. HOA foreclosure law is highly technical, and mistakes can result in awards of damages and attorney fees against an HOA. You really need to consult with an attorney.