Timeline & Summary for Pre and Post Foreclosure

Post-Foreclosure Price List

In the past year, we have noticed a deficit in service after an HOA has taken possession of a home.  In order to fill that void, we have teamed up with a property management company that works directly with the FHA.  This property management company screens prospective buyers and matches them with an HOA foreclosed property. 

This program would place a prospective buyer in the home, not just a renter, but someone who would care for the property because they are working towards ownership.  There are several different programs.  Some consist of guaranteed rents to the HOA for 6 months while the 1^st Mortgage Company is being negotiated with for purchase.  Some pay the HOA off immediately and title is guaranteed to the prospective buyer at that time while the 1^st Mortgage loan is assumed by that buyer. 

In all cases, the goal is to satisfy everyone's interests:  The 1^st Mortgage, the HOA and the prospective homeowner.  This program is unique and specifically created for today's market to make the best out of a bad situation.  There are several benefits to this plan:

Ø      The HOA doesn't have to wait for the bank to take title

Ø      The HOA has a bit more control in maintaining its interest in the property

Ø      The Board can fulfill fiduciary responsibility by maintaining the integrity of the community as well as the upkeep of the property

Ø      The prospective homeowner is responsible for maintenance; easing the cost of the Association

Ø      The HOA is reimbursed in full vs. the 9 month super priority lien in bank foreclosures

Ø      The HOA is making a positive impact on today's economic climate

Ø      The Association is paid sooner rather than later which rewards the assessment paying members by not having to increase assessments

This program is a living, breathing animal and is constantly changing to meet the needs of the Boards and homeowners.  We are currently working on a possible solution for the expense of insuring an HOA foreclosed home.  In the near future, we hope to have something in place that will alleviate the burden of adjusting current insurance policies and paying astronomical rates.

Our interest is to make a Post Foreclosure Program is as seamless and cost-effective for the Board and its community as possible.  Today's market requires a bit of creativity to help the HOAs get paid and when we are able to assist people in the process, it is extremely rewarding.  We are more than happy to come to a meeting and explain the process in detail.