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Banks that own condominiums are not known for their core competency in real estate ownership: it is not their business. It is the rare bank that pays assessments willingly or voluntarily on a foreclosed condominium unit.
Savvy association boards deal with individual banks as owners about paying assessments, and for example, utilities, so that an empty, foreclosed unit does not present maintenance issues to the association or loss of necessary income.
For example, if the bank does not pay for electric heat in the winter and the unit's pipes freeze, the association becomes responsible for repairing the damage and collecting expenses from the bank.
Assessments must be paid on a foreclosed unit -- and the board must exude vigorous collection efforts to get them from a bank owner, because that income is expected in order for the association to meet its annual budget objectives for income.
What else can I help you with?
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 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 are the fees for using a Bank of America ATM?
if you use their own network there are no fees. if you use other networks usually there is a $2 charge.
What are additional charges paid to the bank called?
Banks usually call these charges "fees".
What is the difference between a national city bank and a normal bank?
National city banks are like Wells Fargo, they are used nation wide and have high fees for nonmembers. A normal bank is something like your local bank that usually does not have outrageous fees for nonmembers.
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.
Does the bank need to pay back condo fees when they forecosure on a property in NJ?
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.
Are condo fees tax deductible?
Not usually. Your monthly assessments -- fees, you write -- pay to operate the community and save money for major repairs.
What fees can I expect to pay if I use an ATM machine for a different bank than one I usually bank at?
If you bank at an ATM machine for a bank that you are not a member of the fees will vary. Fees can range anywhere from $1.00 to $6.00. Usually though, they are between $2.50 and $3.00.
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 are the fees for using a Bank of America ATM?
if you use their own network there are no fees. if you use other networks usually there is a $2 charge.
What are additional charges paid to the bank called?
Banks usually call these charges "fees".
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 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 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.
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 is the difference between a national city bank and a normal bank?
National city banks are like Wells Fargo, they are used nation wide and have high fees for nonmembers. A normal bank is something like your local bank that usually does not have outrageous fees for nonmembers.
