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What should I do about my aunt's condo that I have title to and there have been no mortgage payments made?
Your name on the title implies that you own the condominium. Unless during the probate of her estate, there was a different disposition of the property, you own it.
Not only are you responsible for the mortgage, you're also responsible for the monthly assessments.
Not paying either of these debts will --sooner or later -- mean that the property will be foreclosed upon, sold and monies used to repay the mortgage and -- if the association has filed a lien -- the past-due assessments.
What else can I help you with?
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 condo insurance requirements for mortgage approval?
Condo insurance requirements for mortgage approval typically include coverage for the interior of the unit, liability protection, and coverage for common areas. Lenders may also require a certain amount of coverage to protect their investment in the property.
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
Can you walk away from a condo mortgage without having mortgage company and association org garnishing your wages for pmts?
Not all mortgage companies seek a judgment after they foreclose (often called a deficiency action). They are less likely to do so if they believe you have no assets to go after, since it costs money to file the action and takes a long time to collect. Often, though, mortgage companies sell off the ability to seek a judgment to collection firms that specialize in deficiency actions, and the collection firm and the mortgage company split whatever is collected from the borrower. Your best bet would be to enter into a "Deed In Lieu of Foreclosure" with the mortgage company, and ask them to specifically guaranty that they will not seek to come after you for any additional money. In a deed in lieu of foreclosure, you deed the property back to the bank, and vacate the premises voluntarily. You may not have this as an option in all states, or if you have any junior mortgages or other judgments that are affecting title to the condo. If you are delinquent in your condo fees, it may also make your mortgage company reluctant to enter into a Deed In Lieu, since they would have to pay any back condo dues (this is as opposed to when a bank acquires the condo through foreclosure, where they are not always obligated to pay all delinquent condo dues).
What are the key differences in obtaining a mortgage for a condo versus a townhouse?
The key differences in obtaining a mortgage for a condo versus a townhouse are related to ownership structure and property type. Condos are typically part of a larger building or complex with shared amenities, while townhouses are standalone units with individual ownership of both the unit and the land it sits on. Lenders may have different requirements and considerations for each type of property, such as the condo association's financial health and rules for condos, and the maintenance responsibilities for townhouses.
Can creditors charge late fees on a deceased person's estate when there is no spouse For example late condo association fees late mortgage payments etc.?
Yes.
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.
What happens to your mortgage if your condo is condemned in California?
You can find the answer you want by asking the mortgage holder.
Can you buy a condo if you receive ssi?
Your mortgage lender can answer this question for you.
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 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 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 do i do if I Need Someone To Take Over My Mortgage Payments?
GVC Property Solutions Inc. is a well-established Real Estate Investment Company that offers property owners with unique solutions to their real estate difficulties as an alternative to the traditional way of selling. They take over house, townhome and condo payments as well as the property associated with the mortgage. You can contact them for Free Consultation 604-812-3718.
How do I get out of a condo I can't afford?
Your best course of action is to sell the property. Depending on its market value and your mortgage, you may be able to work with your lender to affect a sale. Doing nothing will only increase your debt and discomfort. An alternative would be to take in roommates, which may bring in monies with which you can keep up with your monthly assessments and your mortgage payments.
I own a condo with my boyfriend. I am moving out of the state and my boyfriend will remain in the condo. Can I file a quit claim deed to get my name off the mortgage?
No. The mortgage will need to be paid off and refinanced to free you from the obligation. Do not convey your interest to your boyfriend until he has been approved for a refinancing and make certain your deed is part of that same transaction. You will want indisputable proof the mortgage will be paid off and a new mortgage recorded in your boyfriend's name only. Only then should you sign a deed. The matter should be handled by an attorney who can look after your legal rights.A mortgage is an iron-clad contract you signed with the bank promising to pay a considerable sum of money it loaned to you. There is no way you can "take your name off the mortgage". If you sign a deed now you will be responsible for paying a mortgage on land you do not own.
What are the condo insurance requirements for mortgage approval?
Condo insurance requirements for mortgage approval typically include coverage for the interior of the unit, liability protection, and coverage for common areas. Lenders may also require a certain amount of coverage to protect their investment in the property.
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.
