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Can a condo unit be rented after the owner has been presented with papers of foreclosure and has a court date set up?
Wiki User
∙ 14y ago
Since this is a landlord-tenant issue, it is strongly recommended that you -- as the condominium owner -- advise the tenant of the current situation.
In addition, you might also inform the board and the property management company, since rental income can be captured by the association if you -- or the bank -- fails to pay monthly assessments while gaining revenue from a tenant.
Wiki User
∙ 14y ago
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What does it mean when a condo is in a foreclosure?
When a condo is in foreclosure it means that a lender is trying to recover funds from a borrower who has defaulted on their loan. The lender claims possession of the property to satisfy the debt.
If your condo goes into foreclosure do you still owe the condo fees?
Yes, until the bank is the owner. The fact you're in foreclosure doesn't change the fact utilities need to be paid as well as your staff. It's not only the bank that can put you into foreclosure; even your HOA/condo association can force the sale of your home due to delinquency.
What to expect in foreclosure of condo not primary home?
The foreclosure of a condominium unit upon which you hold a mortgage should proceed like any other foreclosure.
If your home is in foreclosure status can a lien be placed for a unsecured debt?
YES. Condo Fees
What is a motion to compel foreclosure?
If it can be proven that a bank is deliberately stalling the foreclosure, attorneys for the owner or condo association can ask for a motion to compel and have the court make the foreclosure immediate. This is happening in current cases where foreclosures drag on for years with no closure.
How much usually for condo for sale in Chicago?
There are lots of prices for condo's in the Chicago area. All of them have different factors that will affect the price. Age of the condo, dues, age of appliances, and location are all factors that will dictate the price. Also, if the condo is a foreclosure will have some bearing on the price. Generally someone can purchase a condo for about $250,000.
What is the difference between an apartment complex and a condo?
A condo is owned privately even if it is being rented the owner is renting it. Apartments are owned by businesses and are considered a business. They rent the apartment out to multiple people and that is how they do business.
Does the furniture go with the condo you foreclosed on?
In a foreclosure ONLY the real estate is affected. Unless the condo was originally purchased fully furnished - the furnishings are the personal property of the owner who was foreclosed on and are not subject to seizure by the lender.
What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?
For the condo association foreclosure to be valid, the bank who holds the mortgage must be notified of the foreclosure action, and the mortgage company has the opportunity to do a couple of things: They can pay the delinquent condo fees themselves, to protect their own interests, and force the borrower to pay them back. If the borrower is unable to repay the condo fees, it could put the mortgage payments in default, and be grounds for the lender to begin foreclosure proceedings. If the borrower is behind in their mortgage payments, the bank can join in the condo association's foreclosure action themselves. This is actually a great assistance to the bank, as it saves them the time and trouble of initiating the lawsuit - they just get to piggy-back on the condo association's foreclosure, which makes the foreclosure sale happen that much sooner. And since the bank's lien has priority over the condo association, the bank would be the one to get paid off first if the property got sold to a third party at the foreclosure sale, or if nobody bid on the property, they would be the ones who would become owners of the condo. If, for whatever reason, despite getting proper notice, the bank does nothing and the condo association forecloses on the property. The first mortgage holder has a lien that always survives the condo association's foreclosure. In fact, second mortgages are usually superior to the condo association's lien for unpaid maintenance fees. Usually the condo association gets stuck with owning a property with at least one outstanding mortgage with an outstanding mortgage balance greater than the actual value of the property because of the decline in real estate value. Most condo associations allow the first mortgage holder to foreclose on the property after their foreclosure is done. The main point is that in Florida a condo association foreclosure has no effect on the first mortgage.
In today's market, is there much demand for a condo for rent?
Condo's are rarely rented except by their individual owners. The demand for housing is recovering, but prices are not. This of course is described as a buyer's market since the seller has little leverage.
Who owes the condo fees incurred after a foreclosure?
Assessments are owed to the association by the condominium owner. If it's a bank, then the bank owes assessments.
Can a condo assoc allow only 1 condo to be rented and not allow any other to be rented?
The condo association has to adhere to the by-laws. If the by-laws agree to rentals, and condo can be rented. If there is no rental provision, then not even 1 condo can be rented. It's all-or-nothing.Another AnswerThe governing documents, more commonly the CC&Rs and any amendments, can specify a 'rental cap', meaning that a defined number of units can be rented at any one time.Your governing documents will specify this number of rentals allowed, and your board or property manager can help you discover and understand this guideline.If your association is small and there are fewer than 10 units, only one rental may be allowed. If, however, your association is larger, a larger number may be permitted.Lenders review the rental percentage in an association before offering mortgages, and when the rental number is too high, all else being equal, a mortgage may be denied if the rental percentage is too high.There may also be other factors involved in the rental question in your association.
