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After the bank forecloses on a condo do you pay HOA fees in Florida?
Wiki User
∙ 10y ago
Association assessments are paid by the owner of record. If your name remains on the deed, you owe assessments.
In most cases, the homeowner or unit owner is responsible for paying the HOA fees prior to the foreclosure. Once the lender takes legal possession by foreclosure no further fees are added to the amount due but the HOA can pursue payment of the past due amount. In Florida, an HOA can go after a homeowner for past due fees even after the bank has foreclosed by using the process used for a 'deficiency judgment'.
Wiki User
∙ 10y ago
Wiki User
∙ 10y agoThe owner is liable for assessments -- regardless of the state.
If the owner is a bank, based on a foreclosure, then yes, the bank is liable for assessments during the time that the bank holds title to the property.
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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 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.
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.
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.
Is the bank liable for Taxes and HOA fees on foreclosed homes in Florida?
The titled owner is responsible for taxes and assessments: if such an owner is a bank, the bank is responsible.
What are the condo fees at Grand Key condos in Tampa Florida?
A local realtor can help you understand the regular and special assessments for any condominium association in your geography. There is no standard.
If I foreclose on my house can the attorney come after me for attorney fees?
What I know about this is that a mortgage company that forecloses your house has no right to get the remaining balance to you.
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.
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.
Where can one check online the UK bank fees?
Bank fees can be checked online on the website of the bank that you bank with as they will have the exact amount you have to pay as bank fees do vary from bank to bank.
What is the average condo fee charged in downtown Seattle?
"This depends on the type of condo, the housing market, and where in Seattle it is located. The average price for a middle range style condo can be around 250k and monthly cost will depend on you mortgage statements and you deal with the bank."
What fees does the seller pay on condo sale?
There is no standard, plus all fees are negotiable. The real estate agent involved in your transaction can explain fees to you.
