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Lost my job have not paid condo fees for years I own my condo and pay monthly mortgage but not enough money for condo fees. I am on ssi and food stamps.?
Wiki User
∙ 14y ago
You can wait for the association to take action against you for the debt you owe, or you can take action and explore payment plans that fit into your current situation.
Wiki User
∙ 14y ago
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Can you have a reverse mortgage on a condo?
Yes, you can have a reverse mortgage on a condo. However, the condo must be approved by the Federal Housing Administration (FHA) for reverse mortgages. The condo complex must meet certain eligibility criteria set by the FHA.
What happens to your mortgage if your condo is condemned in California?
You can find the answer you want by asking the mortgage holder.
What is the average condo fee charged in downtown Seattle?
"This depends on the type of condo, the housing market, and where in Seattle it is located. The average price for a middle range style condo can be around 250k and monthly cost will depend on you mortgage statements and you deal with the bank."
Can you buy a condo if you receive ssi?
Your mortgage lender can answer this question for you.
What is the monthly cost of a condo in Chicago?
Your lender can answer your question, depending on the size of your mortgage and the term over which you've asked to borrow the money.
Can a Veteran obtain a VA Mortgage Loan to purchase a condo on the ocean with 1/3rd down payment?
Can a Veteran obtain a VA Mortgage Loan to purchase a condo on the ocean with one-third down payment?
How do I get out of a condo I can't afford?
Your best course of action is to sell the property. Depending on its market value and your mortgage, you may be able to work with your lender to affect a sale. Doing nothing will only increase your debt and discomfort. An alternative would be to take in roommates, which may bring in monies with which you can keep up with your monthly assessments and your mortgage payments.
How much does a 2 bedroom condo in Miami cost?
You can pay as much or as little as your budget will allow: there is no standard. Find a local realtor who can show you the condominium you want to purchase, and the realtor will tell you the cost.
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 is the law on owning a condo and it being taken away from you?
The Answer lies in who truly owns it - you or your bank/mortgage company.
Do you have a lein on your property?
yes but I paid cash for my condo(association dues) , can it be foreclosed if so by who i don't have a mortgage
If a couple with excellent credit and no debt wants to sell their condo and buy a house is it possible to get a mortgage right now if one person started freelancing just over a year ago?
The only person who can answer your question is your mortgage lender. If you are debt free, and if the equity in your condominium will give you enough cash for a qualifying down payment, and the house you want to buy requires a mortgage that you can afford, you may be able to obtain a mortgage.
