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Does the new owner who purchases property in a foreclosure sale owe past due condo fees in Florida?
Wiki User
∙ 8y ago
The documents made available to you at the time of finalizing the foreclosure sale should detail any monies from the sale proceeds that pay assessments owed by the previous owner.
Primarily, if the board has properly filed a lien against the title based on this debt, part of the proceeds will be spent to retire the lien.
If, however, the board has not fulfilled its requirement to file a lien, you may have no obligation to pay the previous owner's past-due assessments.
If the board pursues you for these monies, take your sale paperwork and the demand from the board to a common-interest-community-attorney and ask for a letter to the board to resolve the matter in your favour.
Wiki User
∙ 8y ago
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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.
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.
Does the furniture go with the condo you foreclosed on?
In a foreclosure ONLY the real estate is affected. Unless the condo was originally purchased fully furnished - the furnishings are the personal property of the owner who was foreclosed on and are not subject to seizure by 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.
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 the kitchen appliances including the washer and dryer were left in the condo when you purchased it can you take them with you when you sell it if the condo is in foreclosure?
The condo is in foreclosure and I need to move but would like to take the appliances with me can I do this The washer and dryer are not part of the property, they are a posession within it in most jurisdictions if they are not built in. If they are built in under the counter, they would be a fixture. Kitchen apppliances like the stove, dishwasher etc are fixtures and must remain with the property- EVEN IF YOU INSTALLED THEM YOURSELF unless you have an agreement with the owner of the mortgage that allows you to remove them. Improvements to the property almost always remain with the property according to the agreement. Read the mortgage if you are not sure. Fixtures or improvements should be covered in the agreement.
Are there any condos for sale in Florida?
An overview of information regarding condo docs and HOA in Florida. Vacation Homes Florida for sale. A resale condo and fifteen days when buying a new condo in Florida.
If your home is in foreclosure status can a lien be placed for a unsecured debt?
YES. Condo Fees
The Residential Condominium Building Association Policy (RCBAP) provides coverage for?
A Condo association purchases coverage for parts of the property that are commonly owned by the people who own Condos in the development. This is why you pay dues to the association, for insurance and taxes on common property. Most Condo agreements means that you own the property from the bare sheetrock inward, meaning you own the paint, floor covering, furniture, appliances, etc. The commonly owned property is things such as sidewalks, roof, walls, pools, etc. All owners of Condos are also insureds under the Condo agreement. Various Condo agreements can be different, and all are not the same. You need to know how your Condo is set up and what your agreement says.
Florida law how long does a lien stay on a condo which was about other lots?
In any state, liens remain on a property until the debt is paid and the liens are released.
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.
How much usually for condo for sale in Chicago?
There are lots of prices for condo's in the Chicago area. All of them have different factors that will affect the price. Age of the condo, dues, age of appliances, and location are all factors that will dictate the price. Also, if the condo is a foreclosure will have some bearing on the price. Generally someone can purchase a condo for about $250,000.
