Yes.
One key benefit of an HO-6 -- condominium owners' insurance policy -- is the option to insure against loss of habitation, which can include paying your assessments during a period when your unit is not available for habitation.
Without this kind of insurance coverage, you must still pay your assessments in addition to whatever extraordinary living expenses you are incurring while the repairs are being accomplished.
You can ask your board members or your management company to help you find these provisions in your governing documents.
Of course you can. In most states, condo fees become liens on the condo, so a secured debt. You would have to file a C. 13 and plan to pay off the arrears as a secured debt.
The contract and closing process can be intimidating for any first time buyer but it is greatly rewarding. Be sure to find out the condo dues and fees and when they are due.
The outstanding fees will show up at the closing. Obtaining a certificate that there are no fees due is an automatic part of a closing on a condo unit or a property subject to any association fees.
Read your governing documents and work with your association attorney to file a lien for unpaid assessments.
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.
Yes, and the law is a local state law, plus the governing documents under which the association operates the property. Read your governing documents and follow the guidelines there to collect the past-due assessments.
Your governing documents may provide for leverage against both your property title and you personally, for your obligation to pay your assessments. As well, assessments due prior to the date of filing are treated differently than assessments due after the date of your bankruptcy filing. Your bankruptcy counsel can answer your question.
As an owner, it means that your title to your unit is 'clouded' -- your title is encumbered/ not clear -- by the amount of your assessments past due and accumulating, that remain unpaid. A lien may also appear on your personal credit report if the title is in your name.
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.
Generally:The first mortgagee would receive notice, may choose to pay the overdue fees and add those to the amount due to the bank. If not, the condominium association would acquire the unit subject to the mortgage. See related question link.
Yes they can. Everything has to be paid in full. I believe you cannot even get a certified transcript without paying the bill.
Association assessments are paid by the owner of record. If your name remains on the deed, you owe assessments.In most cases, the homeowner or unit owner is responsible for paying the HOA fees prior to the foreclosure. Once the lender takes legal possession by foreclosure no further fees are added to the amount due but the HOA can pursue payment of the past due amount. In Florida, an HOA can go after a homeowner for past due fees even after the bank has foreclosed by using the process used for a 'deficiency judgment'.