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Are condo or homeowners dues in arrears discharged after the bank forecloses?
Wiki User
∙ 16y ago
Only items reported to the credit bureau (s) can be "charged off" after a foreclosure and that is up to the creditors descretion. Items are discharged after a bankruptcy, not foreclosure (two separate things -- although a foreclosure can happen within a bankruptcy) Usually what happens in a foreclosure is that the assoc. dues that are in arrears are paid from proceeds at sale closing and the new owners will start fresh.
Wiki User
∙ 16y ago
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If condo association forecloses on an owner does the lender pursue deficiency judgment against the owner or condo association?
Your attorney can help you answer this question, since it requires a legal answer.
Where can one find information on condo insurance?
Condo insurance can be purchased at the same places that sell homeowners insurance and will cover the costs of your property inside your condo and will pay for damages incurred.
What is featured in Condo Management magazine?
The Condo Management magazine is mainly a magazine geared towards homeowners and condo management in states like Florida, California, and New York. It will feature articles about condo living in general.
Have Florida legislators passed a law to force condo owners to pay their condo fees?
no but trying to If a condo owner falls more than 90 days in arrears of association, the right to use common areas can be suspended by the association until such dues are paid.
Can you file for bankruptcy after the condo assn files for past due assessment fees?
Of course you can. In most states, condo fees become liens on the condo, so a secured debt. You would have to file a C. 13 and plan to pay off the arrears as a secured debt.
What does ho-4 mean on homeowners insurance?
Ho4 means it's a renters policy ho3 is a homeowners policy ho6 is a condo policy dp3 is a rental property (landlord coverage)
What happens to the loan when the condominium forecloses for assessments?
You'll need to be more clear about what's going on here. The "condominium" is a building. It can't "foreclose". The condo association can't "foreclose" on you either, since they don't hold title Only the title holder (i.e. your lending institution) can foreclose on the property.What the condo association can do is obtain a lien against the property. This is money you owe them, and if you try to sell the property, they're allowed to collect the amount of the lien out of the proceeds before you see a dime. If the lender forecloses on you, the lien from the condo association doesn't go away; you still owe it, but in this case the condo association will probably take you to court to recover it, most likely by garnishing your wages unless you have sufficient assets to pay it off.
If you let your homeowners policy lapse when you switched auto ins carriers and forgot to get new homeowners ins with it but now see water damage to condo ceiling can you still get coverage and how?
Your insurance broker can answer your question.
Will your condo insurance policy cover sewer back up?
No. Sewer back-up coverage is usually available as an endorsement that can be added to a homeowners policy. A condo should be insured on a for HO-6 homeowners policy. You should really look closely at the endorsements available and see what you need and what you don't need. Also be familiar with your condo agreement so you will understand what your responsibilities are for insurance on the common areas and common properties as well.
How would you obtain a copy of condo bylaws for a place you are looking into buying?
ANSWER: Ask the realtor who is selling the property or somebody from the Homeowners' Association.
We have been discharged do we still pay condo fees until the bank forecloses us?
Legally, so long as the title to the unit is in your name, you owe the association the payment of the assessments levied against your unit. Assessment income pays for the operation of the community. Especially if you remain in residence, you can pay your assessments: otherwise, you're living there on your neighbor's financial backs. Your bankruptcy attorney, association manager or board director can give you the legal answer to your question, if you require it.
If you have pre-existing water leakage from your toilet in your condo and it has ruined the ceiling of the person belowIf you get condo insurance now will it be covered since its already a pre-existin?
Homeowners Insurance Policies always exclude preexisting un-repaired damage.
