Foreclosure in 48360>Question Details

Ann, Home Seller in 48360

When bank forclosues, who owes the HOA fees and property taxes?

Asked by Ann, 48360 Tue Feb 14, 2012

After advice from my short sale attorney I stopped paying my HOA and Property Taxes because the bank accepted the offer on my condo. The unpaid amt was also included in the sale price.
I get an email from my attorney's assistant saying the bank "accidently" declined my sale so now we need to start again. So the process started over, I had to provide all my bank statements, fill out paperwork, etc. again.
Then in the fall of 2011 I email my attorney for an update and he writes me back "Sorry there was nothing we could do the bank now owns your condo" ??? What?? Apparently, we passed the time frame to approve the sale because Bank of America messed up the paperwork. Now I can't get a hold of my attorney by email or phone and I have creditors calling me at work.

Long story short...becuase the bank screwed me ( I had a buyer for the house the entire time ) and becuase my attorney told me to stop paying am I responsible for the back taxes and HOA since the bank now ownes the home?

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Answers

3
Hopefully you have time to short sale depending on when the Sheriff sale was. I work with an attorney group that charges the seller nothing to complete a short sale the nice part is they do overlook the approval letter to make sure everything is satisfied. Short sale do take some time although they have been a lot smoother than they were months ago. It all depends on how many liens as well. There are many factors I would be happy to discuss with you feel free to call me 248-660-3236. I as well live in Lake Orion.
0 votes Thank Flag Link Wed Feb 15, 2012
This was good advice from Michael. I would contact a good short sale Realtor. I can give you a person who is regularly recommended for short sale advice in Oakland County. If you would like that information, I can forward his name and information to you. My contact information is below. Steve
Web Reference: http://www.michiganhome.net
0 votes Thank Flag Link Tue Feb 14, 2012
The short of it is, the HOA fees and taxes attach to the property, and are due by the "owner" which from what you've provided is now the bank. The one thing I will caution you on is that banks are attempting to "collect" from homeowners.

What I can't tell from your posting is when your "sheriffs sale" happened which is the mechanism that startst he foreclosure process. At this point the bank "owns" your home...however in Michigan you have 6 months to redeem the foreclosure from the bank--which can be done in a short sale. Check your dates, for your sake I hope you're not dead in the water yet.
0 votes Thank Flag Link Tue Feb 14, 2012
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