CA Condo Foreclosure help please!?
I have until 03/04/2008 to pay past dues on my loan mortgage. Can someone tell me what happens after 04/03/2008, if I do not pay? "If payment is not received later than 04/03/08, [the bank] has the right to accelerate the maturity of the note leading to the initiation of foreclosure and may lead to the public sale of secured assets. "What are the events that happen after 03/04/2008?? Also, what about contributions association? what will happen with that? Thank you! I just opened a letter today from them saying that if we do not pay amt Hoa in their entirety, we take them to court. should I pay even if all that's going to be evicted?
After 04/03/2008, the lender to file documents in court to begin foreclosure proceedings. You will receive an eviction notice on a date that the condo will be sold. You be on or before that date. If you're not, the lender can for trespassing. So the loan balance, plus costs of foreclosure, and all the association fees are added and this is due to the lender. The lender will try to recover as much as possible with the sale of the condo but will actually take a loss on this market. You are legally responsible for all debts and it will be recorded on your credit file. You will not be able to buy a house until the debt is cleared. HOA can put a lien on property as well.
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