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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: XBrit who wrote (95790)	7/22/2008 2:09:35 AM
From: Cactus Jack	Read Replies (1) \| Respond to of 110194

XBrit, Scenario is, the house is worth $600k and the guy has a first mortgage for $650k. He owes the HOA $5k. Are you saying that if the bank forecloses, we may NEVER get our $5k? In California, that is correct. Of course, the assessment debt is also a personal obligation of the debtor, and you can take him/her to small claims court, but most in that situation may not have assets worth pursuing unless you can get a judgment and garnish his/her wages. What part of the state are you in? jpg