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Possibly.
Read your governing documents to determine your responsibilities to pay your assessments, and your board's rights and responsibilities to collect those monies, including selling your unit to satisfy the debt.
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Can you lose your mortgage free home for nonpayment of condo fee in New Hampshire?
Yes, it is possible to lose your mortgage-free home in New Hampshire for nonpayment of condo fees. Condo fees are considered a lien on the property, and if they are not paid, the association may take legal action, including foreclosing on the property. It is important to review the specific terms and conditions of your condo association to understand the potential consequences for nonpayment.
If a condo management company places a lien on your condo will you be locked out of it?
First, the conodminium association placed the lien, the management company just did the paperwork. A lien is placed on your condo to make sure you can't sell it without the back debts being paid. It is done to protect the association. This is usually done when assessments aren't paid on time. If you have fallen behind on your payments, then the association can withhold certain services, possibly even turning off utilities (depending on your documents and state law), but can't lock you out of your home. They can, however, foreclose on your unit if assessments continue to go unpaid.
What happens to the loan when the condominium forecloses for assessments?
You'll need to be more clear about what's going on here. The "condominium" is a building. It can't "foreclose". The condo association can't "foreclose" on you either, since they don't hold title Only the title holder (i.e. your lending institution) can foreclose on the property.What the condo association can do is obtain a lien against the property. This is money you owe them, and if you try to sell the property, they're allowed to collect the amount of the lien out of the proceeds before you see a dime. If the lender forecloses on you, the lien from the condo association doesn't go away; you still owe it, but in this case the condo association will probably take you to court to recover it, most likely by garnishing your wages unless you have sufficient assets to pay it off.
Can your condo association take possession of your condo in Florida?
Read your governing documents to determine the cause of this apparent threat. Since you chose Liens as another category, you may have a lien on your title for unpaid monies that you owe to the association. As a last step in collecting monies you owe, your association can take possession of your condominium and sell it. This process is written out in your governing documents.
How do you sell a condo in a down market?
Cheaply and as quickly as possible. The goal isn't to make money; it is to stop your loss.
How not to be part of Homeowner association?
You can avoid being in an association by not purchasing a home in one. If you own real estate in an association, you can sell your property.
If you have a condo in Guam worth 150K and want to purchase a 300K home in Florida what are your chances of getting another loan to purchase the home in Florida?
It depends on how much money you make monthly. Your income must be at least twice the amount of your monthly payment for both properties combined. So if your income lies within this range you should be fine, if not you will have to sell your condo in Guam to qualify for the other home.
What are the release dates for Designed to Sell - 2004 Downsizing to a Condo?
Designed to Sell - 2004 Downsizing to a Condo was released on: USA: 30 December 2007
What are the release dates for Designed to Sell - 2004 Vintage Condo Conversion?
Designed to Sell - 2004 Vintage Condo Conversion was released on: USA: 2007
Can a condo assoc forclose on a unit?
By filing liens against the owner(s) of the unit. If the liens go unpaid, the association can foreclose on the unit and sell it in order to satisfy the liens.More DetailForeclosing a unit to pay any monies owed to the association is usually a last step in a process that begins with the association notifying the owner(s) that monies are owed.Owner(s) ignore these initial notices at their peril.
Can your sister sell home for less money?
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May you sell your condo with a land contract?
Your question is a legal question that involves the governing documents for your community and your mortgage lender in the location where the property lies. A local association-savvy attorney can give you a precise answer.
