Foreclosure in 33020>Question Details

David, Other/Just Looking in 33020

can the condo association foreclose on my condo for not paying my maintinence,we have a reverse mortgage from wells fargo,my mother shes 75 yrs?

Asked by David, 33020 Sun May 2, 2010

old,dont want her to lose her condo

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Hi David

Its an important question.You should get answer from any reliable reverse mortgage company. I have a reverse mortgage which name is reverse mortgage lenders direct. They are very helpful. You can get right answer from their by search…………
2 votes Thank Flag Link Mon Jun 3, 2013
Hi David,

Yes the Condo HOA can foreclose. Depending on the State where the condo is located determines the process. For example, the HOA can foreclose and wipe out other lien holders. The other lien holders will then remove their interest on the property and place that interest onto your mother or her estate in order to liquidate assets and get their monies back.
In other States the HOA will foreclosure but will have to stay in second position and pay the first mortgage until they can resell the condo and pay off the first lien, Wells Fargo as you mentioned and then get their money that way.
I hope this answers your questions. Good luck with the condo and your mother.

Hannah Fliegel, FICO Pro
1 vote Thank Flag Link Mon May 3, 2010
Yes they can. Doesn't matter what kind of mortgage is on it.
0 votes Thank Flag Link Fri May 14, 2010
Yep. Unless there's something in the governing documents to the contrary, they so can foreclose. So, pay the maintenance!
0 votes Thank Flag Link Sun May 2, 2010
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