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Can a home owners association foreclose on a home in Florida without informing the mortgage company?
Wiki User
∙ 11y ago
Foreclosure is a legal process whereby all interested parties are included, or the foreclosure procedure cannot be completed.
If you believe that your association is foreclosing on your title, and you believe that your mortgage lender has not been informed, you can inform your lender, since the mortgage is in your name, not the association's name, and your responsibility is to protect your name.
Wiki User
∙ 11y ago
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Can your condo association foreclose on your unit in Florida?
Yes. This is usually a last resort, but it is possible.
Can you file chapter 7 in Florida and re affirm your mortgage?
Yes, but its never wise to reaffirm a mortgage. Even if you dont reaffirm, as long as you keep making the mortgage payments, the bank wont foreclose.
Can a homeowner association foreclose on a house for overdue assessment fees in Florida?
The right to foreclose upon default must be granted by the property owner. That language is included in the fine print in mortgage documents. The possibility for a "foreclosure" for unpaid assessment fees would be unlikely. The procedure for collecting overdue assessments should be set forth in the document that created the homeowner's association. The association can seek a court judgment and record an execution against the property then follow local collection procedures.
Can home owners associations foreclose on homes in Florida?
Yes. Read your governing documents to understand when and why the association might be forced to take this final step.
Can a homeowners association lien be superior to the mortgage in the event of a foreclosure in the state of Florida?
Your association counsel is best prepared to help you answer this specific question.
If you were asked to accept a quit claim deed by a dying friend and there is still a mortgage on the home but you are not on the mortgage are you responsible if it goes into foreclosure in Florida?
You are not responsible for the loan. You simply have a right to any equity that might be in the home. The bank will foreclose, sell the house, and if there is any money left, you would be entitled to it.
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.
Where can someone obtain more information on mortgage rates in Florida?
Mortgage rate information in Florida can be obtained online or at a mortgage company. Zillow, Realtor, and Homes are websites that can provide more information on mortgage rates in Florida.
Where would one look for information regarding a Florida mortgage?
The best place to find information regarding a Florida mortgage would be to locate a Realtor or bank located in Florida. There is a website called Mortgage Fit in which the details of a Florida mortgage and the laws are better explained
Where can Florida mortgage rates be obtained?
Online mortgage rates can be obtained from banks or other providers of mortgages in florida it can also be provided online from mortgage specialists located or specializing in florida
When was Florida Student Association created?
Florida Student Association was created in 1976.
When was Florida Education Association created?
Florida Education Association was created in 1886.
