🚀 go-pugleaf

"Brent P" <tetraethylleadREMOVETHIS@yahoo.com> wrote in message 
news:kuGdnYKUYfrstlXanZ2dnUVZ_jydnZ2d@comcast.com...

> You have no experience with the process. I've served on a board, I've
> been through it from the board pov. There isn't jack shit a board can do
> to someone who has no money in their property. All the laws work under
> the assumption that the owner has financial stake in it. With the whole
> zero down crapola there's a huge loophole that renders what a board can
> do moot. All you end up with is a legal bill for a lien and maybe a
> foreclosure that is behind that of the mortgage holder. Wooptie do. I've
> had an attorney who deals with this stuff tell me straight up what it
> would cost and that we could expect ZERO on the other side.
>
> There's a new law in IL that allows an association to go after a new
> owner for back assessments, but its vague and when I went through the
> process, untested. I was told the first association to try and use it can
> expect a $30,000-$40,000 legal bill.
>
> The bank forecloses and sells the property at auction to an investor who
> attempts to turn it around quick. The board then has to deal with the
> investor and the person he sells it to. I haven't had to deal with a
> property that was f'd up so I don't know how much an investor will fix
> something, but my guess is 'as little as possible'. The investor won't
> have the property long enough for a board to foreclose or even get a lien
> on. A previous lien will be wiped out by the court after the foreclosure
> sale for the bank.

Probably the cheapest thing to do is to try to buy it in foreclosure 
yourself.  Then you can fix it up and sell it at a profit.  If the owner has 
equity in it, you can try a lowball offer for what they owe, keeping it out 
of the foreclosure process.  Of course, if you've alienated them by putting 
a lien on their house you likely won't get any cooperation there...