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Here's something you -- -- probably have not heard of before.
Homeowner associations are now for closing in on people who live there and and alarming rate and if you live -- one of those communities you may have.
Tons of questions about.
What they can do and when they can foreclose on you if you're -- -- with the association and Fox News legal analyst.
And real estate expert Bob -- is here with some answers Bob Mauritania.
More answer I had no sure we know that homeowners associations can say -- that flag or you can't have a -- people there but they can foreclose on -- More almost every state in the union Steve HO ways homeowners associations have the power to lean your property ally -- for nonpayment.
Of -- and then they have the right over a period of time to enforce that -- By way of foreclosure.
And because of all the foreclosures -- going on still on the country.
HL always have to recoup their money's right that's one of the ways that they do it.
Okay we've got a question here and it not dovetails perfectly -- what you say say somebody dead okay the homeowners association for closes.
Somebody goes and buys that house then did they have to wind up paying.
The the missed homeowners association.
You what happens is Steve let's say you -- at the cell so the eight -- announced there's a sell 5000 dollars is owed.
You bid on that 5000 people actually comment did more money -- So that what may happen is for a 5000 dollar assessment that's -- -- people may pay ten or 151000.
Because they're getting title to that property when they get -- of that property.
They have to continue to pay eighty -- -- also because now they own the property at least they have what we call.
Dirty deeds which is another issue we'll talk about a minute that yes you would get title -- you have to continue to make the payments also.
Well that's interesting and so people would pay a little extra because ultimately you probably get in there were at a reduced rate anywhere absolutely.
Familiar you end up owning a home yet -- to the home all right I -- well question number three why would anybody buy.
At at -- a sale if there's a dispute between the new title owner and the lender.
Now this is what I wanted.
Quickly explores our viewers.
Remember if there's a mortars on that property Steven you bought that property at the -- you have title yet title.
What about that Wells Fargo -- what about that mortgage on the property right what's the dispute there here's what you say see you know what.
I don't really care armor read this home not for 2000 dollars a month for six months straight months.
If Wells Fargo want to foreclose on this home I'll fight him in court or any alternative.
I don't care because I've made my money back over and above -- rented the home if I lose it in court fine I may not even fight it.
But I've made money during that period of time by renting the homes that's what a lot of investors are doing here and in Florida and Texas and Arizona they're buying an NHL they sell they're renting it out if the mortgage company wants a -- close against the owner.
Knock yourself but we don't care OK just real briefly one final point and that is near the homeowners association is about to foreclose -- Then you're called on they admit they see out on the street missing by the way you -- -- -- up.
Most states you always had management company you will get letters -- -- server paperwork from lawyers generally speaking.
You have the right to call them and make up the dues to bring it current absolutely the problem is a 500 dollar assessment became 5000 because lawyers and collection agencies got involved.
And that's a big dispute right now if indeed all right Bob thank you very much folks out there if you espousing questions you need answered -- Bob Nancy.
Email him just log on FOX & Friends dot com and meanwhile.
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