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If your condo is condemned, it is likely that you will not be responsible for paying maintenance fees. However, it is important to check your specific situation and consult with your condo association or a legal professional to understand your obligations and rights.
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∙ 13y agoYour governing documents should be clear on this issue.
If no assessments are collected by the association, how can the association recover? There is rarely 100% coverage by a master insurance policy on a condominium community.
This is one of the great reasons to purchase an HO-6 condominium owners' policy with assessment coverage, so that in the case of a disaster, your assessments are paid by insurance.
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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.
Do you still have to make mortgage payments if your house is condemned?
Yes, you still owe the bank the money you borrowed. And you can be found to be in violation of the mortgage contract if the reason for the condemnation was due to neglect. If it was due to a natural disaster such as flooding or fire, insurance may allow you to get it back in shape.
Do you have a tax liability if your mother gives you her condo?
Yes.Your county or provincial property tax assessor can tell you how much tax you owe.
Lost my job have not paid condo fees for years I own my condo and pay monthly mortgage but not enough money for condo fees. I am on ssi and food stamps.?
You can wait for the association to take action against you for the debt you owe, or you can take action and explore payment plans that fit into your current situation.
How do you get rid of a car on which you still owe money?
Sell it privately for what you owe on it.
If you didnt owe money for 2007 but you did owe for past years will you still get a check?
i think if you don't owe taxes for 2007,but owe taxes on prior years you should still get a stimulus check as long as you are making monthly payments on what you owe.
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.
What happens if your bank goes to bankruptcy and you owe money to them?
You still owe money.
Can you remarry in the state of Alabama if you owe back child support?
You can still remarry but you will still owe the child support arrears.
What if you wreck a car without insurance and owe the bank payments?
Then you still owe the bank.
Condo that's going to foreclosure with a 2nd on it can the 2nd bank garnish your wages?
Probably. Any debt you owe, if unpaid for a period, can result in garnishment of your wages.
