Calling all ATOT legal/real estate experts - help needed

[lykaon78]

The house 2 up from me has been abandoned for sometime. The former owners simply walked away. The bank simply wrote off the loan as a bad debt and refuses to foreclose and re-sell (as confirmed by our HOA's lawyer). They also refuse to maintain the property in violation of city ordinances. Unfortunately, our town's maintenance department is no longer responding to complaints about properties like this (according to them they don't have the resources).

Our HOA has a lien and could initiate foreclosure but is reluctant to do so because they would never recoup the $2,000 - $3,000 of legal fees as the primary lender is in the first position to collect any amount from the foreclosure proceeds.

Is there anything that can be done? This property is only going to drag down my and all my neighbors property values.

 

[Supersonic64]

 

[HappyPuppy]

Rofl!

 

[lykaon78]

Funny, really funny.

 

[RedCOMET]

What they said in post 2.

 

[DrPizza]

Are you and all your neighbors planning on selling your house this month or next month? If not, then who gives a shit about your property value - it doesn't make your house any worse to live in, does it? Now, run to the assessor's office and have them reassess your house at a lower rate, since the neighboring house dropped property values, and pay less in property taxes. You win. (unless you're selling your house next month.)

 

[JulesMaximus]

Nothing you can do unless you and your neighbors want to maintain the yard on your own.

 

[DrPizza]

Nothing you can do unless you and your neighbors want to maintain the yard on your own.

Seriously. If you think someone's lawn not kept between 2 1/2" and 3 1/4" knocks down your property value by more than $100, then get on your mower and mow their lawn.

 

[IamElectro]

HOAs are one of the worst thing to happen to America.

Good luck with that grass.

 

[jinduy]

Rofl!

I concur

 

[JulesMaximus]

HOAs are one of the worst thing to happen to America.

Good luck with that grass.

What does this have to do with HOAs?

 

[AlienCraft]

What does this have to do with HOAs?

From the OP...

Our HOA has a lien and could initiate foreclosure but is reluctant to do so because they would never recoup the $2,000 - $3,000 of legal fees as the primary lender is in the first position to collect any amount from the foreclosure proceeds.

IF the HOA has a remedy, yet they don't use it, they are negligent in their duty to protect and enforce the terms of the HOA.
IF the HOA allows A BANK to default with no recourse, then goes after a homeowner, there is illegal discrimination / application of the codes agreed to.

It is incumbent on the HOA to do EVERYTHING in it's power to mitigate damages to the Common Areas. Otherwise, why have one?

 

[AlienCraft]

The house 2 up from me has been abandoned for sometime. The former owners simply walked away. The bank simply wrote off the loan as a bad debt and refuses to foreclose and re-sell (as confirmed by our HOA's lawyer). They also refuse to maintain the property in violation of city ordinances. Unfortunately, our town's maintenance department is no longer responding to complaints about properties like this (according to them they don't have the resources).

Our HOA has a lien and could initiate foreclosure but is reluctant to do so because they would never recoup the $2,000 - $3,000 of legal fees as the primary lender is in the first position to collect any amount from the foreclosure proceeds.

Is there anything that can be done? This property is only going to drag down my and all my neighbors property values.

SUE the HOA to enforce it's own rules or quit for failure to apply their "rules" equally.

 

[JulesMaximus]

From the OP...

IF the HOA has a remedy, yet they don't use it, they are negligent in their duty to protect and enforce the terms of the HOA.
IF the HOA allows A BANK to default with no recourse, then goes after a homeowner, there is illegal discrimination / application of the codes agreed to.

It is incumbent on the HOA to do EVERYTHING in it's power to mitigate damages to the Common Areas. Otherwise, why have one?

It's not a common area though. And the HOA is supposed to protect its interests which is also the interest of the other property owners in the division. If they initiate foreclosure and lose $2,000-3,000 then that cost gets passed on to the other homeowners in the division anyway and they still don't get their money. It's a lose/lose situation for the HOA and the other homeowners in the association.

Like I stated earlier, if the homeowners care so much about this property affecting their property values then maybe they should take it upon themselves to keep the property looking decent.