You don't see this every day!
On 12/14/2020 an HOA foreclosure took place on a 3bd/4ba 2,097 square foot home on Estuary Lane in Newport Beach. The property sold at sale for $7,258 with an existing senior loan taken out on 4/28/2015 for $691,800.......the property is worth somewhere in the mid $900,000's!!
So here's the basics of how this works: When a person living in an association (Condo or Planned Unit Development) does not pay their HOA dues, the Association can pursue a non-judicial foreclosure against the owner if the amount owed is greater than $1,800.00 or if they are more than 12 months down on their dues. The process is just like any other foreclosure, except that after the Trustee sale the original owner of the property has a 90 right of redemption to get their property back. On this property, the owners did not redeem their property so a Trustees Deed Upon Sale was recorded on 3/16/2021, transferring the property to the buyer at the trustee sale.
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