Cohousing-L Mailing List: Re: Fannie Mae

[Sharon Villines (sharon]

On Aug 4, 2010, at 10:19 AM, Ann Zabaldo wrote:

>  Seems as if
> this would make for a sure sale rather than a delayed one esp. if
> there is a time limit on the HOA's response time.  In TVC's case I
> think it's just 3 days.

I explained in another message that ours is 45 and then three but it  
takes a ton of time to do foreclosures. It doesn't happen overnight --  
banks are not known for their swooping ability. I think banks have to  
notify the HOA when it begins. The seller is likely to stop paying  
dues so that would be a trigger too.

I had a friend in the wonderful area of Detroit where there are  
literally no jobs or market for houses or even people who can rent a  
spare room. She was silently praying for the bank to foreclose. For  
some legal reason, when they did foreclose she had to stay in the  
house until the notice to evict came. She lived free for over six  
months but her life was also in limbo for that period.

I can't imagine any right of first refusal being six months!

Sharon
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Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org