Re: To Anyone Who Still Thinks HOAs Are a Bad Idea

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Article #9213

#9213

From: Brent P
Date: Wed, 27 Feb 2008 17:23

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In article <fq45ep$60o$1@reader2.panix.com>, Rich Greenberg wrote:
> In article <R8CdnewVy42SZlnanZ2dnUVZ_gKdnZ2d@comcast.com>,
> Brent P <tetraethylleadREMOVETHIS@yahoo.com> wrote:
>>In article <1kh9s3tl2g15ungnofmrs17q9cikek559g@4ax.com>, Scott in SoCal wrote:
> 
> [...]
> 
>>> Good look up what happens when an HOA attaches a lien to a piece of
>>> real estate and the owner refuses to pay. Do you suppose the homeboys
>>> get to remain in the house once they no longer own it?
>>
>>Yeah... mortgage company #1 is owned 180,000, mortgage company #2 is owed 
>>another 50,000.... the lien from the HOA is what? $500. Yeah... good 
>>luck. The HOA isn't getting jack shit and would spend more in lawyer fees 
>>than they are owed. The lien alone is going to cost a few hundred bucks.
> 
> The purpose of the lien from the HOA is not to get the $500, its to make
> the house impossible to sell while it is in place.

And this is good for the HOA when the banks are foreclosing exactly how? 
It really doesn't matter though, because the big lender is going to get 
everything and the HOA's lien will just be disregarded anyway. 

The whole process assumes that there is money tied up in the property. 
With home equity loans, sub prime mortgages, no money down, etc, it's 
unlikely that the 'homeboys' even bother to make their mortgage payment 
and even if they do they still won't have but pocket change in equity so 
its not like being able to sell it hurts them. They are just going to 
walk away.

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Newsgroups: misc.consumers,alt.planning.urban,chi.general
From: tetraethylleadREMOVETHIS@yahoo.com (Brent P)
Subject: Re: To Anyone Who Still Thinks HOAs Are a Bad Idea
References: <r5s6s3pu4jrcru0hfpc9lf22kevedggvp6@4ax.com> <bc-dnUwAjcXaqlnanZ2dnUVZ_vShnZ2d@comcast.com> <1kh9s3tl2g15ungnofmrs17q9cikek559g@4ax.com> <R8CdnewVy42SZlnanZ2dnUVZ_gKdnZ2d@comcast.com> <fq45ep$60o$1@reader2.panix.com>
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