I have retained representation, but I was hoping to obtain a 2nd opinion on a foreclosure matter.
Purchased a small condo in Denver from an Owner/Agent seller.
I put about $30k down and signed a note for $80k due in 1 year.
When I attended the first HOA
meeting I was informed of over $20K in special assessments that were pending a final vote for replacement of all balconies (even though we had a basement unit), a new roof, remediation of a Radon issue, and replacement of major plumbing
NONE of these defects were disclosed prior to sale (I am a RE Agent myself - there was no disclosure here).
Anyhow, I have been battling with this stubborn Seller for a settlement. and even considered rescission on the whole deal and giving it back, but my losses would be high. He will not budge.
In June, he filed Foreclosure against me, NOT due to late Note payments, but due to my refusal to pay the HOA assessments that I maintain were fraudulently misrepresented to me, which effectively caused a delinquency to the HOA, and is protected in his DOT.
My current Attorney feel confident that he can prevail at the R120 hearing, arguing we were not in default due to the issues above. However, my review of the limitations of the hearing to void or postpone foreclosure (payments or military only) give me a pause on his estimate of success. He is a RE Attorney, but NOT a active in foreclosure procedures etc.
Can you comment on your opinion of the above? My foreclosure in set for October, my credit is perfect and I want to avoid any missteps if a sale, or redemption are my only TRUE cures here, as I will need more time than the time permitted after the R120 hearing to arrange either.
Thanks. Ralph Massetti.