Legal Question in Real Estate Law in California
what will happen if you just finalized a Loan Modification with your first Mortgage and now you are being attack by the HOA in reguards to back fees with a writ to sale, and the property is upside down
by 400k.
Asked on 9/07/10, 1:15 pm
2 Answers from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
400k is a huge equity deficit, and perhaps your modification will make it possible to handle the HOA issues out of an improved cash-flow situation. If not, maybe bankruptcy or foreclosure would have been better solutions than a loan mod. I don't know, but at least you have hopefully solved one of two financial problems, but you are left to solve one more, the HOA.
Answered on 9/12/10, 2:08 pm
What happens is you file for bankruptcy or walk away from the property.
Answered on 9/14/10, 12:36 am
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