I would consult a real estate attorney about your liability. Once the bank forecloses, they take the responsibility for clearing the title to re-sell. I have had instances where the bank took all the obligations. However, there could be legal ramifications from the HOA. That's where consulting an attorney would be in your best interest. Good luck to you.
Janeese Jackson, Principal Broker
Real Estate Resource
I believe that you're responsible for the HOA dues while you're the owner of the condo. If there are any unpaid dues at the time of the foreclosure they become a lien against the property which will need to be paid in order to provide clear title to a new buyer. The bank foreclosing on the unit would have that responsibility as the owner of the property after the foreclosure. Hope that helps!
Steve Thoele, Principal Broker
Keller Williams Realty-Portland Premiere
David Cooper Las Vegas Real Estate Investor in Bank Owned REOs with Cash Flow +1-7024997037
not a real estate agent
Tom Inglesby, Broker
RE/MAX Equity Group
Portland, Or 97239
We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
It is always good to consult a Real Estate attorney if you are facing a short sale or foreclosure. The HOA fees are the responsibility of the property owner. When/if the property is foreclosed upon the unpaid HOA dues follow the property. The bank/institution is than responsible for them; and in most cases they will bring them current before reselling the property. Hope that clears it up.