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In texas: does the VA require their loans always have first

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in texas: does...
in texas: does the VA require their loans always have first position over an HOA owner delinquency due to non-payment of dues? Our HOA has been asked to remove 'right of first refusal" by the mortgage Co. What exactly are they talking about? Does this mean we become subordinate even if we have a lean in the property? Our HOA has never foreclosed because our dues are less than $900/yr. and it would take a lot of Yrs to make it worth while.
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 27 minutes by:
8/25/2015
Real Estate Lawyer: LawTalk, Attorney replied 2 years ago
LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37,857
Experience: I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

The "right of first refusal" that the VA is demanding the HOA give up has nothing to do with any arrears of HOA dues and the HOA's ability to collect those arrears in the event of a foreclosure.

Actually, the Right of First Refusal gives the HOA the option to buy or lease an individual unit before the sale of that unit is approved for an outside buyer.

In other words, if you own the property and want to sell it and you find a buyer willing to pay $250,000 for your property, the HOA has the right to pay you the $250,000 instead---leaving your buyer in the lurch---- and take possession of your home for the HOA.

Simply stated, the Department of Veterans Affairs will not approve residential projects that have the right of first refusal in the By-Laws.

The HOA's lien does not become subordinate merely because the right of first refusal have been given up in order to allow VA financing. The lien still is just as valid and remains in the same seniority as when originally filed.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please remember to rate my service to you so that I can be compensated for helping you.

I wish you and yours the best in 2015,

Doug

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Real Estate Lawyer: LawTalk, Attorney replied 2 years ago

Good morning,

I have received notice that you have replied to my Answer but I see nothing posted to the question thread. If you have a follow-up question, would you please re-post it for me?

Thanks in advance,

Doug

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