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Texas Uniform Planned Community Act
A proposed bill -- this proposed bill not good for homeowners.

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This entry was posted on 3/24/2006 3:58 PM and is filed under Title.

Did you know that when your association foreclose and purchase your home, they can purchase at any price they want under your mortgage amount and leave you to pay the balance of your mortgage?
 

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    • 3/24/2006 4:19 PM None wrote:
      This statement is misleading. If you owe your association money, the association can foreclose your property.
      After forelcosing, they can evict you.
      The association will have a 2nd lein, which is inferior to the primary lien of your lender. Who is responsible for the superior primary lien? The home owner!

      What this means, in effect, is that the association can take the home and push you out.

      Can they "buy" it for $1 and sell it for the balance of your equity? Possibly. The real "purchase" amount is the amount that you owe for your assessment plus fines + fees. Can they sell it? Sure, but most investors won't buy a 2nd lein on if a superior primary mortgage exists.

      The net of this is nothing new: The HOA can force you out, but they can't financially "gain" from your refusal to pay dues.
      Reply to this

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