0
What happens to your mortgage if your condo is condemned in California?
Wiki User
∙ 14y ago
You can find the answer you want by asking the mortgage holder.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can you have a reverse mortgage on a condo?
Yes, you can have a reverse mortgage on a condo. However, the condo must be approved by the Federal Housing Administration (FHA) for reverse mortgages. The condo complex must meet certain eligibility criteria set by the FHA.
Can you buy a condo if you receive ssi?
Your mortgage lender can answer this question for you.
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.
Can a Veteran obtain a VA Mortgage Loan to purchase a condo on the ocean with 1/3rd down payment?
Can a Veteran obtain a VA Mortgage Loan to purchase a condo on the ocean with one-third down payment?
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 a HOA lien get wiped out if condo is foreclosed by mortgage lender in California?
Liens are not 'wiped out': liens are paid. When the foreclosed property is sold, the lien may be paid from the proceeds, depending on its priority and the amount earned from the sale.
What is the law on owning a condo and it being taken away from you?
The Answer lies in who truly owns it - you or your bank/mortgage company.
Do you have a lein on your property?
yes but I paid cash for my condo(association dues) , can it be foreclosed if so by who i don't have a mortgage
How much is a condo in southern California?
A local realtor can answer your question.
What is featured in Condo Management magazine?
The Condo Management magazine is mainly a magazine geared towards homeowners and condo management in states like Florida, California, and New York. It will feature articles about condo living in general.
Who will provide information about condo mortgages?
LendGo, Freddie Mac and American Bank are lenders that will provide additional information needed about condominium mortgages. Another lender with condo mortgage information is BankRate.
Can a cash buyer of a condo legally place a secured first mortgage on the same condo acting as their own private party lender?
Depends on the state or commonwealth you in. Contact an attorney and review your docs
