I have the Trustee Sale date, now what.......?

[LastMarch]

I have a condo in Phoenix, AZ that I stopped paying the mortgage on March 2011!!! I spoke to a lawyer prior to this, so I understand the process.

I didn't receive the Trustee Sale date until May 2012. The auction date is for the first week of August 2012.

So.... I guess my question is about HOA fees. I have continued to pay, but do I just not pay for August 2012 if the auction date is before payment is due?

I also know I need to let the insurance company about the auction date..

When exactly is the home OUT of my name? If I don't pay the HOA fees for August and my condo doesn't sell, what happens at that point?

THANK YOU!!!!

[Evan Bedard]

So.... I guess my question is about HOA fees. I have continued to pay, but do I just not pay for August 2012 if the auction date is before payment is due?

I also know I need to let the insurance company about the auction date..

When exactly is the home OUT of my name? If I don't pay the HOA fees for August and my condo doesn't sell, what happens at that point?

At the auction if your home is not sold to the highest bidder it will be transferred back to the bank and at that time you will no longer officially own the property. If the payment is not due until after the auction date you should not be responsible to make that payment as the property is no longer yours.

[Jeffrey L. Shurtliff]

Don't pay the HOA fees just have a letter typed to them to send at the completion of the Trustee sale. I would cancel the insurance and don't tell them about the auction date. Just cancel it and a refund for any paid will be refunded regardless whether it was taken out in escrow with the lender.

[NJHomeowner]

Don't pay the HOA fees just have a letter typed to them to send at the completion of the Trustee sale. I would cancel the insurance and don't tell them about the auction date. Just cancel it and a refund for any paid will be refunded regardless whether it was taken out in escrow with the lender.

Jeff I have a 2nd property that I no longer want or can afford. I am 1.5 years behind on the 1st mortgage, 1 year on the 2nd and about 2 years behind with HOA fees. Just started the short sale process....it is inevitable that this property will either short sell or go to foreclosure. Property is in North Carolina and I live in Jersey.....Am I still liable for HOA fees after this property is gone??

[Jeffrey L. Shurtliff]

NJ you never know where the SS process will take you. The HOA fees you may be still liable for especially as if they are that late, I am sure the property has a lien on it, by the HOA. It may go into foreclosure and you must be ready for the worst.

[NJHomeowner]

NJ you never know where the SS process will take you. The HOA fees you may be still liable for especially as if they are that late, I am sure the property has a lien on it, by the HOA. It may go into foreclosure and you must be ready for the worst.

Wouldn't who ever buys it at the Auction Sale if it ends up in Foreclosure have to deal with the HOA fees to get clear title, similar to back Taxes??

[Jeffrey L. Shurtliff]

Wouldn't who ever buys it at the Auction Sale if it ends up in Foreclosure have to deal with the HOA fees to get clear title, similar to back Taxes??

It depends whether or not they have a lien. Some won't lien it just depends, if they don't they will come after you. The only was to solve this question is check and see if they recorded anything on the property.

[NJHomeowner]

Thanks Jeff....I will check but I am pretty sure they put a lien on the property almost a year ago. Plus why would they not put a lien and secure their interests...makes more sense but I guess anything is possible.