What to do if I am trying to work out an installment plan with the HOA of my division but can’t come to acceptabl terms with it?

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What to do if I am trying to work out an installment plan with the HOA of my division but can’t come to acceptabl terms with it?

They have already taken it to court to foreclose on my home and after the court date they responded with an installmebt plan that we can not afford the initial downpayment on. This amount consists of mostly attorney’s fees. I have sent a letter to the paralegal working this to ask for a lower down payment but she stated those were the minimum terms the association would accept. We can not afford to do that as we have other financial obligations. What options do we have? What can we do to stop this foreclosure?

Asked on October 21, 2012 under Real Estate Law, North Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

One option to stop the foreclosure of your home is to consider the filing of a bankruptcy petition where you could seek a reorganization or a complete liquidation of some debt. In order to ascertain the pro and cons of such a filing you should consult with a bankruptcy attorney.

The filing of such a petition would stay a foreclosure of your home by the HOA.


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