New Foreclosure Law Now In Effect
This may not be directly relevant to the issue of foreclosure problems but somewhere in the legislative process I am wondering if the HOA's have a protective interest in purchasing their HOA's property taxes. It might be worth thinking about.
I recently attended a Real Estate Commission-approved broker's CE Update Course, wherein the instructor made a specific point of advising that under the new foreclosure laws, redemption rights were preserved ONLY IF a lien was recorded PRIOR to the NED initiating the foreclosure. It was inferred that this requirement was extended to HOA liens, as well. Your article indicates that the super lien may be relied upon for this purpose and no specific recorded lien is necessary. Could you please clarify if an HOA's redemption rights are, indeed, preserved in the absence of a separately recorded lien?