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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 4814
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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I have a big problem for an attorney who is knowledgeable about

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I have a big problem for an attorney who is knowledgeable about New Hampshire REAL ESTATE LAW. I believe the efficient way to do this is by "bullet" points!
1) I purchased a condo in Concord, NH in 2006 for $91,000 cash - no mortgage.
2) By 2009 I had massive medical bills and took a $60,000 REVERSE MORTGAGE as I was 63 years old and alone and in debt -lived on $796 mo'ly SS.
3) By 2010 I was unable to keep up with my HOA dues of $300 per mo. My HOA took me to court and got a judgement against me for $1200 in back dues plus $5000 for their lawyer = $6,200.
4) In June 2010 I was notified that my property was being seized and sold at a SHERIFF'S AUCTION. I fought to keep my home, but was evicted in August 2010.
5) I moved in with family in Colorado in October 2010. I called the Court Clerk in NH and found out that my home (appraised at $99,000) was purchased at Auction by my HOA for $7,000. I was assured that in such a case, the buyer had to assume the debt that went with the property. Afterall, I was evicted by the Sheriff.
5) A dear friend who still lives in the condo nextdoor to my former home told me that the HOA did extensive remodeling, all new appliances, etc. and was renting it for about $1200 a month.
6) In 2011, a piece of mail from the Bank of America, who held my REVERSE MORTGAGE, found my daughter in NH and she forwarded it to me. It seemed to be still sending me statements as though I still held the mortgage. I called them right away. When I told them my story, they were horrified at what had been done to me and promised to sort it out. I got no more mail from them.
6) Fast forward to today, June 24, 2013. I open a piece of mail from CHAMPION Mortgage. It was clear they bought that old REVERSE MORTGAGE debt and were trying to collect a ridiculous amount of money from me!! I CALLED THEM!!
I was told that the sale back in 2010 was done incorrectly in many ways, as the lien/judgement AND Reverse Mortgage were not assumed by the HOA who evicted me and then bought it. To solve things (UNBEKNOWNST TO ME!) The Bank of America cut a check to the HOA for $22,000 (??!!?) to cover the lien, in December 2011.
7) Lastly, I was told today that the property has belonged to me since the lein was paid two years ago (!!), the renter is technically "trespassing"; the debt is all mine, but they are foreclosing on the property and it is almost complete; I was advised to just forget about it and let it go!!!
8) MY QUESTIONS: Who did that $22,000 check REALLY belong to? What about the $1200 a month the renter has been paying to my HOA for three years on a property that really belonged to me?? AND I'm certain there are many other legal issues to this mess that I'm not seeing! .... HELP!!!
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  INFOLAWYER replied 1 year ago.
Let me clarify a point first before responding with an answer: How much was the hoa owed in common charges and how much did it recover through rents and otherwise?
Customer: replied 1 year ago.

Sure. I actually owed the HOA about 5 months of back dues at $304 per month. So my real debt was about $1500. But, by the time they took me to court for a judgement, they had added $5000 in the HOA's attorney's fees. My judgement/ lein was for approx $6500, when I was evicted. Supposedly, the HOA paid $7000 for my home, because that was the exact amount of my judgement by that moment. (my property taxes were all paid up to date.) They well KNEW I had a Reverse Mortgage, but just ignored it. Then their OWN $7000 buyer's amount, paid their own lawyer's bill?? I guess.


 


About one year after I left, the HOA received a check from The Bank of America for $22,189 to cover the lein, which I can only assume grew from $6500 to $22,189 in a year!! I thought the lein was paid off by the Sheriff's Auction of the property? The bank told me they paid the lein to establish me as the OWNER. If so, what was that Sheriff's Auction and sale of my home all about? And my eviction?


 


The HOA moved a renter in about January 2011, three months after they "bought" it at the October 2010 auction for $7000 and, I guess, believed it was theirs? They did thousands of dollars worth of remodelling first (which now appears was done on property owned by ME, without my permission!). My friend tells me that the same renter has been there from 01/2011 - 06/2013 (present), paying $1200 per month. So, they have collected approx. $36,000 of rent on property that was legally MINE at the time. I'm sure they prayed every day that they had sufficiently been scared away and would never look into things.


 


Also, my Reverse Mortgage was for approx. $60,000. But the appraisal for the mortgage appraised it at $99,000. Any equity I still might have had was left behind when they evicted me and seized my property.


 


I wonder to whom the town has been sending the property tax bill each quarter for three years????

Customer: replied 1 year ago.

I was just thinking a bit more about looking at my problem, as you suggested, in "plus" and "minus" columns:
OWED BY ME, TO HOA IN 2010 TAKEN FROM ME TO PAY HOA


approx. back dues: $1500 my home(appraised2010) $99,000


HOA Attorneys fees $5000 Bank of Am. lein pmt. $22,196


______ 30 months rent @$1200 $36,000


 


Judgement against me $6500 $157,196


Sheriff paid $7,000 at auction

Expert:  INFOLAWYER replied 1 year ago.
Thanks for those details. From there it becomes clear the hoa judgment was satisfied. If it purchased the home it would be entitled to subsequent rents. The $22000 refund though should have been paid back to you. A local lawyer may reach out to negotiate with them. martindale.com and findlaw.com are both excellent lookup directories. Both highly rated. Both used by lawyers. Easy to search and find local options. Good luck. Kindly rate the answer OK or higher.
Customer: replied 1 year ago.

WANTED: ATTORNEY EXPERT IN REAL ESTATE LAW

STATE OF NEW HAMPSHIRE

 

Please, please note my posting of a question dated June 24, 2013, MISLABELED as "Personal Injury Law"! I am a loyal JA SUBSCRIBER for many years and I received my first very unsatisfactory answer on June 25, 2013 and June 26, 2013 from INFO-LAWYER.

 

As it is a complicated real estate matter, I don't really want to write it all over again. I am in desperate hope that a quality JA Attorney will see this and come through for me!!!! QUICK!!

Customer: replied 1 year ago.

REALLY?? My question is labeled "closed"!! Please see my "EDIT" below.

Expert:  Irwin Law replied 1 year ago.

Hello. Another expert here. I see numerous problems with anything you try to do legally at this point. Apparently, BofA , as the holder of the reverse mortgage paid off the HOA's debt with the $22k, although I have no idea why they would do so. They could have simply foreclosed against the HOA because you had probably violated its terms by being foreclosed on and evicted. (Note: I have not read your mortgage, but I'm fairly certain that a sheriff's sale would trigger the due date.) If the HOA's debt was satisfied by the $22k, the HOA could not retain ownership and continue to collect rent. The property should have been put back in your name. It appears that the HOA simply used a small debt for dues to take over your property and make a lot of money from it over the next three years. You can sue the HOA for an accounting of all the money they took in from both the rent and from BofA. As far as the pending foreclosure action is concerned, I do not have enough information about it, and do not wish to speculate here.

I hope that this information is helpful. Please click on a smiley face so that I will be compensated for assisting you. If you have a follow up question please send me back a Reply without entering any rating. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using Pearl.Com- Just Answer. Your business is appreciated.



 

Customer: replied 1 year ago.

Thank you so very, very much for a clear and "on point" answer. I am grateful for it.

I have some last questions:

1) If I were to pursue legal recourse against the HOA, am I going to encounter any (for lack of proper terminology) Statute of Limitations? The Sheriff's Auction was in October 2010 where the HOA purchased my property appraised for $99,900 w/$60,000 in Reverse Mortgage, for $7,000 (the exact amount of their own lien on my property for past dues).

2) The Bank of America's check - written for $22,196 to the HOA - was issued to satisfy the lien (?????) (they evidently allowed it to climb from $7000 to $22,000 w/additional atty fees post-auction - what a sweet deal that was!) in December 2011. I had a pro-bono atty tell me at the time to pursue the Homestead Act, which disallows a disproportionate windfall profit from profiting the buyer. Is that a legitimate vehicle for me now?

3) Did the HOA ever have any legal responsibility toward the Reverse Mortgage? The terms are that the Rev Mort comes due when you no longer live there, BUT I was forced out of my home by the Sheriff, at the direction of the HOA, who simply seized my home!! If not for my home being seized, I would still be there. Doesn't that figure in somewhere?

 

4) MOST IMPORTANT QUESTION: The bank tells me that my Reverse Mortgage is in foreclosure and is nearly complete. When it becomes final, are the tenants required to give the property back to the bank, as would happen with a normal mortgage???? How else will the bank be made "whole"???? Isn't it a bit odd that the current owner of record is the HOA and they rent it for $1200 per month .... yet neither the HOA, nor the tenant own the mortgage. How can the bank just let itself be SCREWED??

Expert:  Irwin Law replied 1 year ago.
Hello. Thanks for your patience. I will put together a comprehensive Answer to your follow-up questions sometime today. Thanks, I.Law
Expert:  Irwin Law replied 1 year ago.
1) If I were to pursue legal recourse against the HOA, am I going to encounter any (for lack of proper terminology) Statute of Limitations? The Sheriff's Auction was in October 2010 where the HOA purchased my property appraised for $99,900 w/$60,000 in Reverse Mortgage, for $7,000 (the exact amount of their own lien on my property for past dues).
A. The New Hampshire statute of limitations - both tort and contract, is only three years in most civil cases. If you were to file an action based on a tort, such as wrongful foreclosure, it must be filed before the date of the October Sheriff’s sale to be on the safe side. Any action for accounting might be barred for rent payments and/or the BofA payment that were made more than three years before the filing date.
2) The Bank of America's check - written for $22,196 to the HOA - was issued to satisfy the lien (?????) (they evidently allowed it to climb from $7000 to $22,000 w/additional atty fees post-auction - what a sweet deal that was!) in December 2011. I had a pro-bono atty tell me at the time to pursue the Homestead Act, which disallows a disproportionate windfall profit from profiting the buyer. Is that a legitimate vehicle for me now?
A. This payment is truly a mystery. The only thing I can think of that might explain it is if the reverse mortgage (RM) loan was made without BofA first obtaining a subordination agreement from the HOA. That would have been a mistake on their part, because the RM would not have had priority over condo dues and assessments. Thus, they may have been forced to make that payment in order to preserve their mortgage lien. Who knows? I also cannot understand how the HOA debt got so big. You mentioned that they spend a lot of money on renovation. That is also puzzling, because HOAs typically don’t do that. It would appear that after $22,000 is added to the three years of rent @ $1,200.00, the HOA way did in fact receive a windfall from your three month default on dues. I do not know if the New Hampshire Homestead Act is applicable to these facts or not. A local attorney would be the best person to ask about that.
3) Did the HOA ever have any legal responsibility toward the Reverse Mortgage? The terms are that the Rev Mort comes due when you no longer live there, BUT I was forced out of my home by the Sheriff, at the direction of the HOA, who simply seized my home!! If not for my home being seized, I would still be there. Doesn't that figure in somewhere?
A. The HOA foreclosure causing you to move could have triggered a foreclosure by BofA, but apparently it didn’t, and for reasons that are not clear, they paid $22,000 to the HOA. 4) MOST IMPORTANT QUESTION: The bank tells me that my Reverse Mortgage is in foreclosure and is nearly complete. When it becomes final, are the tenants required to give the property back to the bank, as would happen with a normal mortgage???? How else will the bank be made "whole"???? Isn't it a bit odd that the current owner of record is the HOA and they rent it for $1200 per month .... yet neither the HOA, nor the tenant own the mortgage. How can the bank just let itself be SCREWED??
A. When the current mortgage holder completes the foreclosure, whoever purchases the property at the sale will have the right to possession. They can evict the current tenant subject to the currently applicable federal tenant rights laws. Or, they may elect to leave the tenants in place and collect rent. If the bank is not made whole, that is their problem. You are not liable for any deficiency on a RM loan.
I hope that this information is useful, and that you can now rate my answer as excellent. I wish you the best of luck.

Expert:  Irwin Law replied 1 year ago.
Hello again. You have not yet read my last Answer to the question that you previously submitted. If you need further explanation or more information, please send a Reply to this. If not, then I hope that you will enter a positive rating for my Answer so that I can receive compensation. Thanks again for using Pearl.Com- Just Answer. We appreciate your business.
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 4814
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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