Foreclosure in 33324>Question Details

Al Bieler, Home Buyer in Fort Lauderdale, FL

Does a Condo Association foreclosure remedy their lien on a property?

Asked by Al Bieler, Fort Lauderdale, FL Fri Feb 17, 2012

Does a HOA foreclosure remedy their lien on a property?

Condo Association filed a lien on a property on original owner. They finally foreclose the property and purchased it from the auction for cheap (subject to original mortgage), and they havebeen renting it out for the past 2 years!

What assessments are still valid?

My Thoughts:

1. Since the Condo Association foreclosed on lien, these assessments have already been remedied by foreclosure sale (even though sale amount is much less than judgement amount).
2. The assessments that were made between the foreclosure judgement and the actual sale, are still valid assessments. These were not remedied by foreclosure action. Somebody needs to pay these.
3. The assessments that were made during the time the Condo Association owned the property, are assumed to have been paid through the Rental of the units. The Condo Association keeps the surplus from the rent.

When Bank finally forecloses on property, will the Bank or Purchaser be liable?

Help the community by answering this question:

Answers

2
No realtors can give legal advice by law! This group of questions are better suits a qualified attorney to respond.
Hire an experienced real estate attorney for legal advice.
Any questions related to real estate transactions, process, or mortgages, lending process I would be more then happy to assist.

Sincerely,
0 votes Thank Flag Link Fri Feb 17, 2012
It is my understanding that the purchaser at the foreclosure sale will be liable for 6 months past due assoc or condo fees, any assessments will not be remedied .
Web Reference: http://RealEstate911.com
0 votes Thank Flag Link Fri Feb 17, 2012
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