Re: Who pays HOA dues when a condo is foreclosed on?
Posted by Greg on 12/08/09
Until the time of the foreclosure auction, the owner is
responsible for it.
If the condo association attaches a lien against the property
prior to the auction, their lien will take a junior position
to the mortgage lien, and the condo association will receive
any proceeds left after more senior lien positions have been paid.
If someone buys it at auction, or if the bank takes back
ownership of the condo at auction, the new owner assumes
responsibility for the condo fees going forward.
Hope that helps!
Posts on this thread, including this one
- Who pays HOA dues when a condo is foreclosed on?, 8/03/09, by Kelly D..
- Re: Who pays HOA dues when a condo is foreclosed on?, 12/08/09, by Greg.