Expert: Dick Dennis - 3/17/2009

Question
I have tow questions please. First, if a property is in a HOA and that property is also on a Indian Land Lease, how does this impact the "title" on what appears to be a simple foreclosure process on a refinanced condo in Palm Springs. Please note the property is vacant as the owner died one year ago and the estate is in probate. Lastly, if the mortgage company begins the foreclosure process, up until 2 days prior to the actual sale date, I know the "owner: looses the "right of reinstatement" but does that mean the mortgage company can back out of foreclosure process at any time? Basically, this property is part of an estate. The owner had refinanced in 12/06 and the property value has decreased by over 100K from the refi loan amount. We want the property to foreclose as we continue to pas HOA fees every month and would like to get the property title out of the estate. Thank you for your time

Answer
First, Elizabeth, what do you have to do with the property? Two days prior to the actual sale date? What sale date? The probate? The foreclosure? A regular sale? Why are you paying the HOA fees? The lender on the mortgage can pull away from their foreclosure at any time. But if they do, and they want to foreclose again, then they must start the foreclosure all over again. And the foreclosure process here in California is at least a four-month process. It is my recommendation that you consult with the attorney who is in charge of the probate to answer most of your questions since he/she controls the sale before it goes before the probate judge.

If the loan is 100K below the value of the property, then I suggest you (if you have any sayso with the property) you sell the property on a short-sale basis. My office can handle a short-sale. Otherwise, have a broker who is knowledgeable with that process. I wish you well.

Dick Dennis
dixiedee13@aol.com
Sun City, CA 92586