🚀 go-pugleaf

In article <onmhs3lsdd6rjkvg2fsnvqvtd6tktnll14@4ax.com>, Scott in SoCal wrote:
> On Fri, 29 Feb 2008 09:57:37 -0600, tetraethylleadREMOVETHIS@yahoo.com
> (Brent P) wrote:
> 
>>In article <un5gs31h1cs9l39avqhj6rphlvm50ufvkp@4ax.com>, Scott in SoCal wrote:
>>
>>>>Again, when you're dealing with the subprime, they don't 
>>>>give a shit. The association's lien and attempt to foreclose amount to 
>>>>nothing.
>> 
>>> See? This is what I mean. It obviously CAN and DOES happen - it's
>>> documented all over the Internet. I posted a link to one such case
>>> last night. Yet, because you just LOVE to argue, you'll say that it
>>> doesn't. 
>>> I refuse to get sucked in anymore. 
>>
>>Your cite doesn't apply because it was someone who paid CASH for her 
>>home. I am talking about when the owner bought for zero down, interest 
>>only, took out a home equity loan for all the equity, etc and so on. 
> 
> Previously, and unique to homeowner associations in California and
> elsewhere, a tough debt-collection tool called a non-judicial
> foreclosure has been used to take homes from owners who only owed a
> few hundred dollars in delinquent HOA dues.
> 
> In one case, a Calaveras County couple's $285,000 home was auctioned
> off over $120 in disputed dues. In Northern California, a disabled
> man, lost his home for $123, according to the American Homeowners
> Resource Center, a San Juan Capistrano, CA public interest information
> network for HOA-governed home owners.
> 
> Under the new law, before an HOA can foreclose -- either judicially or
> non-judicially -- for delinquent assessments, one of two thresholds
> must be met
> 
>     * The assessment debt must be $1,800 or more (2004's vetoed
> legislation and the original SB 137 called for $2,500), exclusive of
> assessment charges; or
> 
>     * The debt -- at any level -- must be more than 12 months
> delinquent. 
> 
> "It is very important to note that these are alternative provisions,"
> says Consumers Union in a synopsis of the new law. "For example, a
> homeowner association would be permitted to initiate foreclosure for a
> debt of only $120 if that debt is more than 12 months delinquent," the
> consumer advocacy group explained. 
> 
> http://realtytimes.com/rtpages/20060104_newlaw.htm


So you fine the owner of the oddly painted house.... the guy with no 
money in the property. A year goes by, the bank is already several months 
into the foreclosure process and the association has placed a lien and 
then starts foreclosure. accomplishing: Nothing. 

Again, the liens and foreclosures assume the owner can't just walk away 
from the property.