QUESTION
California Stock Co Op Faces foreclosure
Asked on Nov 20th, 2018 on Bankruptcy - California
More details to this question:
My father owned a stock co op in California when he passed away. The estate didn’t need to go through probate bc of its value. The HOA has denied access to his account and now without warning placed a lien on property starting foreclosure. I can prove the accounting errors on this lien and have. The HOA continues to ignore my proof . Can I file for a Bankruptcy to stop foreclosure on behalf of the estate since I intend to live in it. Is it exempt ? There are very few other debts he owed. Can I save my home ?
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
Bankruptcy can at least temporarily stop the foreclosure if filed by the current owner of the property. The HOA lien would need to be dealt with somehow and there are different options for doing that depending on the specific facts involved. You mention that your father owned stock in the "Co op" (which I assume means condominum). That implies that the condominium is owned by a corporation or LLC.
In that case you would be talking about a Chapter 11 case for the corporation.
You should have a consultation with an experienced bankruptcy attorney in the area where the property is located.
Answered on Nov 20th, 2018 at 11:23 AM