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Does the bank need to pay back condo fees when they forecosure on a property in NJ?
Wiki User
∙ 10y ago
The answer to this question depends on the legal cloud that the association placed on the title, such as a lien for unpaid assessments, and the priority of that debt in the forclosure process.
Your association counsel can answer your question in particular, especially given evidence of the board's work in pursuing the debt prior to foreclosure.
Wiki User
∙ 10y ago
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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.
WHEN SOME ONE FAIL TO PAY THE LONE OF BANK?
Bank loans are usually secured on the person's property. If the borrower fails to pay the loan back to the bank - the bank simply 'forecloses' on the loan - and seizes ownership of the property.
Can a bank repo for not paying late charges?
If you are still making payments to the bank, then legally it is the property of that bank. If you fail to make the payments, the bank reserves the right to take back their property. Property can usually be returned to the purchaser if the the purchaser can make the payment in full, within a certain amount of time set by the bank.
Can the foreclosed former owner of a condo be charged with trespassing on condo property in Florida after the new certificate of title as been issued to the bank?
Since trespassing is a legal matter, you are best advised to contact your local police authority if you either want a definition of trespassing or want to press charges of trespassing.
Can residential property be levied to pay debt?
Yes residential property can be levied to pay back a debt. It is common for a bank to put a levy on a property.
Why would an owner of a home quit claim deed their home back to the bank?
There are different reasons. In some cases the bank will take the property by a deed in lieu of foreclosure or simply by a quitclaim deed if there is equity in the property and the bank can resell it.There are different reasons. In some cases the bank will take the property by a deed in lieu of foreclosure or simply by a quitclaim deed if there is equity in the property and the bank can resell it.There are different reasons. In some cases the bank will take the property by a deed in lieu of foreclosure or simply by a quitclaim deed if there is equity in the property and the bank can resell it.There are different reasons. In some cases the bank will take the property by a deed in lieu of foreclosure or simply by a quitclaim deed if there is equity in the property and the bank can resell it.
What happens to the property if a property does not sell at the auction or Trustee's Sale?
If a home does not sell at auction it goes back to the trustee....(The bank / Lender). Typically the property transfers back at the starting bid...so in actuality it did indeed sell.
Does the bank still collect from a deceased co signers estate if the property was sold?
The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.
Can i get get the name back on my property from an investor that bought my property with a subject to the mortgage and they have stopped making the payments i have tried to contact them but can't.?
You cannot "get your name back on the property" unless the investor conveys the property back to you by deed. If you did not notify your bank of the transfer you should contact an attorney to determine your exposure and negotiate for you with the lender.
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.
Who owes the condo fees incurred after a foreclosure?
Assessments are owed to the association by the condominium owner. If it's a bank, then the bank owes assessments.
What happens during a condo sale?
During a sale of a Condo are firstly to make the property ready for sale. Next you need to find a buyer and accept the best offer. Once you have chosen the buyer and they agree to continue you should appoint your lawyer and advise your bank if you have a mortgage. Finally if this was your home you will need to find somewhere else to live yourself
