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In Florida do past due condominium association fees have a priority as to payment over a first mortgage holder in a foreclosure situation?
Wiki User
∙ 13y ago
Your governing documents will make this clear.
The state law may limit the number of month's past due assessments can be recovered.
Your association's attorney can answer your question directly.
Wiki User
∙ 13y ago
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Can you leave your home to your beneficiary in your will if it is subject to a mortgage?
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
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 meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
Can a mortgage company report a foreclosure?
Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.
Can a mortgage company in Oklahoma come after a spouse if not on the loan?
Generally, no. However, it may have the right to take the property covered by the mortgage by foreclosure in the case of a default. If the lender is trying to collect from you and you did not sign the note and mortgage then you should contact an attorney who can review your situation and explain your rights and responsibilities.See related question.Generally, no. However, it may have the right to take the property covered by the mortgage by foreclosure in the case of a default. If the lender is trying to collect from you and you did not sign the note and mortgage then you should contact an attorney who can review your situation and explain your rights and responsibilities.See related question.Generally, no. However, it may have the right to take the property covered by the mortgage by foreclosure in the case of a default. If the lender is trying to collect from you and you did not sign the note and mortgage then you should contact an attorney who can review your situation and explain your rights and responsibilities.See related question.Generally, no. However, it may have the right to take the property covered by the mortgage by foreclosure in the case of a default. If the lender is trying to collect from you and you did not sign the note and mortgage then you should contact an attorney who can review your situation and explain your rights and responsibilities.See related question.
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.
What happens to a first mortgage on a condo in California when the condominium is the one doing the foreclosure for the association fees?
Generally:The first mortgagee would receive notice, may choose to pay the overdue fees and add those to the amount due to the bank. If not, the condominium association would acquire the unit subject to the mortgage. See related question link.
What is a condominium association exclusion rider bond?
When you purchase a condominium and grant a mortgage one of the documents you will be required to sign in connection with your loan is a "Condominium Rider." This rider is an attachment to the document recorded in the land records to secure your loan.
Can a home owners association foreclose on a home in Florida without informing the mortgage company?
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.
Can you leave your home to your beneficiary in your will if it is subject to a mortgage?
Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.Yes. However, the beneficiary must continue to make the mortgage payments or pay off the mortgage or the lender will take possession of the property by foreclosure. You should discuss the situation with the attorney who will draft your will.
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.
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.
Can a mortgage borrower apply for court foreclosure?
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
Can condo foreclose over a lender?
It is possible that both entities -- the association and the mortgage holder -- have vested, monetary interests in a condominium unit.There may be no 'priority' as to which entity forecloses first, but your state law may dictate which entity occupies the 'priority' position insofar as the distribution of funds are concerned when the property is sold.A local, association-savvy attorney can answer the specifics of your question.AnswerGenerally, a lender will make certain there are no outstanding condominium fees or assessments due before granting the mortgage. The banks require a certificate of no unpaid charges as part of any mortgage transaction. That is the main purpose of the title examination performed for any property that is the subject of a pending mortgage, i.e., to make certain there are no prior encumbrances. The lender wants to make certain it's lien is senior.If a lien arises for unpaid condominium fees or assessments after a mortgage is granted, the lien is subject to the mortgage. If the condominium forecloses on a condominium lien for a unit that is subject to a prior mortgage, the condominium would acquire the unit subject to the mortgage.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
Can a second mortgage put your home in foreclosure?
Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.
Can a mortgage company report a foreclosure?
Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.
