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Assessments - you call them fees -- pay for the operation of the condominium community. Whoever enjoys the ownership privileges of the community is liable for the monthly assessments.
If you are the owner upon whom the foreclosure is executed, you still owe your unpaid assessments up to that date.
If you no longer own the unit and there are unpaid assessments that you owe, these are valid debts you are obliged to pay. Read your governing documents to verify that assessments are an automatic lien in your title, and that you may also be liable personally to pay the debt.
When you purchase a condominium that has been in foreclosure, you are required to pay the ongoing assessments, and may have a responsibility to pay the assessments in arrears, depending on how the foreclosure agreement was structured.
Wiki User
∙ 10y ago
Wiki User
∙ 8y agoThe answer depends on the details of the situation. It may depend on whether a lien was recorded in the land records. Some states provide condominium liens with special status and they must be paid off first using the proceeds of the sale. The details must be reviewed by a legal professional who is familiar with the laws in your jurisdiction. That type of status would be reported in a title examination performed on behalf of the prospective buyer.
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What does it mean when a condo is in a foreclosure?
When a condo is in foreclosure it means that a lender is trying to recover funds from a borrower who has defaulted on their loan. The lender claims possession of the property to satisfy the debt.
If your condo goes into foreclosure do you still owe the condo fees?
Yes, until the bank is the owner. The fact you're in foreclosure doesn't change the fact utilities need to be paid as well as your staff. It's not only the bank that can put you into foreclosure; even your HOA/condo association can force the sale of your home due to delinquency.
What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?
For the condo association foreclosure to be valid, the bank who holds the mortgage must be notified of the foreclosure action, and the mortgage company has the opportunity to do a couple of things: They can pay the delinquent condo fees themselves, to protect their own interests, and force the borrower to pay them back. If the borrower is unable to repay the condo fees, it could put the mortgage payments in default, and be grounds for the lender to begin foreclosure proceedings. If the borrower is behind in their mortgage payments, the bank can join in the condo association's foreclosure action themselves. This is actually a great assistance to the bank, as it saves them the time and trouble of initiating the lawsuit - they just get to piggy-back on the condo association's foreclosure, which makes the foreclosure sale happen that much sooner. And since the bank's lien has priority over the condo association, the bank would be the one to get paid off first if the property got sold to a third party at the foreclosure sale, or if nobody bid on the property, they would be the ones who would become owners of the condo. If, for whatever reason, despite getting proper notice, the bank does nothing and the condo association forecloses on the property. The first mortgage holder has a lien that always survives the condo association's foreclosure. In fact, second mortgages are usually superior to the condo association's lien for unpaid maintenance fees. Usually the condo association gets stuck with owning a property with at least one outstanding mortgage with an outstanding mortgage balance greater than the actual value of the property because of the decline in real estate value. Most condo associations allow the first mortgage holder to foreclose on the property after their foreclosure is done. The main point is that in Florida a condo association foreclosure has no effect on the first mortgage.
DO WE HAVE TO PAY A FEE TO GET THIS GRANT?
DO WE HAVE TO PAY A FEE TO GET THIS GRANT IF WE GET APPROVE
What is you will what pay a fee for cashing traveler's checks?
you sometimes pay a fee
What is a nonrecoverable attorney fee for foreclosure?
A non-recoverable attorney fee in foreclosure is a fee for work performed by the attorney (usually the bank's attorney) that the bank has to pay for but cannot pass on to the mortgagor.
What does it mean when a condo is in a foreclosure?
When a condo is in foreclosure it means that a lender is trying to recover funds from a borrower who has defaulted on their loan. The lender claims possession of the property to satisfy the debt.
What to expect in foreclosure of condo not primary home?
The foreclosure of a condominium unit upon which you hold a mortgage should proceed like any other foreclosure.
If your condo goes into foreclosure do you still owe the condo fees?
Yes, until the bank is the owner. The fact you're in foreclosure doesn't change the fact utilities need to be paid as well as your staff. It's not only the bank that can put you into foreclosure; even your HOA/condo association can force the sale of your home due to delinquency.
What are no fee apartments?
No Fee apartments are units for which you do not have to pay fees. In most cases those fees are brokerage fees. Owners can offer no fees directly to the public, or may pay the brokerage fee themselves. Understand that this can mean that the landlord has increased his price to offset the commission he pays. So you may end up paying more than if you had to pay a fee. Second, while a condo or coop can say no fee, there can be many fees like condo application fees, or move in fees that can add up to thousands in some cases. Courtesy of Think Properties NYC
If your home is in foreclosure status can a lien be placed for a unsecured debt?
YES. Condo Fees
What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?
For the condo association foreclosure to be valid, the bank who holds the mortgage must be notified of the foreclosure action, and the mortgage company has the opportunity to do a couple of things: They can pay the delinquent condo fees themselves, to protect their own interests, and force the borrower to pay them back. If the borrower is unable to repay the condo fees, it could put the mortgage payments in default, and be grounds for the lender to begin foreclosure proceedings. If the borrower is behind in their mortgage payments, the bank can join in the condo association's foreclosure action themselves. This is actually a great assistance to the bank, as it saves them the time and trouble of initiating the lawsuit - they just get to piggy-back on the condo association's foreclosure, which makes the foreclosure sale happen that much sooner. And since the bank's lien has priority over the condo association, the bank would be the one to get paid off first if the property got sold to a third party at the foreclosure sale, or if nobody bid on the property, they would be the ones who would become owners of the condo. If, for whatever reason, despite getting proper notice, the bank does nothing and the condo association forecloses on the property. The first mortgage holder has a lien that always survives the condo association's foreclosure. In fact, second mortgages are usually superior to the condo association's lien for unpaid maintenance fees. Usually the condo association gets stuck with owning a property with at least one outstanding mortgage with an outstanding mortgage balance greater than the actual value of the property because of the decline in real estate value. Most condo associations allow the first mortgage holder to foreclose on the property after their foreclosure is done. The main point is that in Florida a condo association foreclosure has no effect on the first mortgage.
What should I pay a rental agent that found a renter for our condo from a flyer my husband left on a wall at the condo?
Pay the rental agent the fee the agent requests. The rental agent indeed found a tenant for you, and potentially screened the tenant, so you could include this tenant in the community that you own.
Do you have to prove you cannot pay to have foreclosure?
Foreclosure is preceeded by you having not paid on your mortgage not your ability to pay.
How do you stop foreclosure on deceased person's home?
You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.You can contact the bank and make arrangements to pay the mortgage. If you can't pay, the foreclosure can be continued and the lender will name the estate and the estate representative in the foreclosure documents.
What is a motion to compel foreclosure?
If it can be proven that a bank is deliberately stalling the foreclosure, attorneys for the owner or condo association can ask for a motion to compel and have the court make the foreclosure immediate. This is happening in current cases where foreclosures drag on for years with no closure.
What are the advantages of having a condo?
The main advantage to having a condo is the property upkeep. Most condos have a condo fee, but this fee covers all outside maintainence, such as landscaping, lawn mowing, and snow plowing. Many condos also offer free exercise facilities.
