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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39178
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I filed Chapter 7 bankruptcyin Califoria. My cndo has reverted to the homeowners assoc bu

Resolved Question:

I filed Chapter 7 bankruptcyin Califoria. My cndo has reverted to the homeowners assoc but I have 90 days to redeem it. What am I entitled to do and what do I have to pay?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.
Assuming that you have new income from earnings since the bankruptcy petition was filed, or exempt account assets, and that income or assets is sufficient to pay the redemption cost, then you could redeem the condo, by paying the trustee who held the foreclosure sale the amount of the unpaid HOA fees, plus any costs of collection (e.g., trustee sales fee, attorney's fees, etc.). These costs may surprise you, because the typical foreclosure trustee sale in California costs between $5,000-$7,500 in trustee fees.

The notice of sale should have provided the foreclosure trustee's contact information, and you should be able to obtain a statement of costs. If not, then you can make a payment that you believe is a reasonable estimate of the charges.

Note: I am not talking about the bankruptcy trustee. The foreclosure trustee is the person or business who/that conducts the foreclosure auction. This has nothing to do with the bankruptcy trustee.

Hope this helps.

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