HOA Lien Foreclosure vs. Bank Foreclosure? Both an HOA Lien Foreclosure and a Bank Foreclosure have the overall aim of foreclosing on a property and selling it at a foreclosure sale. The main difference between these two (2) types of foreclosures is the duration of time it takes to foreclose. A homeowner has less defenses in an HOA Lien Foreclosure. Most of the time, the HOA is foreclosing on a Lien for a homeowner failing to pay their HOA dues or a special assessment. The average time of an HOA Lien Foreclosure can be around six (6) months. In an HOA Lien Foreclosure, there are less hurdles that an HOA has to overcome to obtain a Final Judgment of Lien Foreclosure. In a Bank Foreclosure, there are many more parties that are included as well as extensive documentation that has to be provided to the Court for a Bank to properly Foreclosure on a property. The average time a Bank Foreclosure will take from start to finish is nine (9) months to over a year. However, in a Bank Foreclosure, a homeowner typically has many more defenses and additional options provided to them such as a loan modification, short sale, or a deed in lieu that will ultimately delay the foreclosure proceeding.
If you have recently been served with either an HOA Lien Foreclosure or a Bank Foreclosure complaint and need to know your rights and options, contact the experienced Foreclosure Defense Attorneys at 954 Foreclosure Attorneys, PLLC today at (954) 237-7740. Let the experienced, knowledgeable, and dedicated Foreclosure Defense Attorneys with a combined twenty (20) years of experience fight for you. We have offices in both Broward and Palm Beach Counties to better serve our clients.