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If a condo title is transferred before someone can put a lien on it can the lender come after you?
Risrani
Your question is unclear as to just which parties are involved: potentially you, a lien and a lender.
Your governing documents define the owner's responsibility to pay monthly assessments, and it usually the non-payment of these assessments that precipitates a lien being filed on the unit by the association. Whomever holds title to the property is responsible for paying assessments.
Your mortgage lender becomes involved when you attempt to release your collateral real estate -- by transferring the title -- without paying off the mortgage, and the lender will probably not allow this title transfer in such a case.
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ā 14y ago
Anonymous
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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.
Can you buy a condo if you receive ssi?
Your mortgage lender can answer this question for you.
I have a lien on my condo but want to remortgage?
Your mortgage lender is the person who can tell you how to proceed. Generally, a lender will require that you pay the debt and remove the lien before a new financial agreement can be made based on the property.
How long can you take a loan out on a condo for in Florida?
A local lender can give you the answer you want.
Can someone with poor credit and a retail job purchase a condo?
Take your question to a mortgage lender, together with a financial profile that shows your assets, your liabilities and your net worth.
If condo association forecloses on an owner does the lender pursue deficiency judgment against the owner or condo association?
Your attorney can help you answer this question, since it requires a legal answer.
Your dad transferred the deed to his condo to your name and reserved a life estate he married after the transfer does his wife have any legal interest in the condo?
If your dad conveyed his condo to you by deed and reserved a life estate for himself then he can use and occupy the condo during his natural life. The life estate will be extinguished upon his death or if he relinquishes it to you by a deed of release before then. His wife has no interest in the property.
What happens when a lien is placed on a condo?
A lien on the deed -- unit's title -- clouds it, meaning that monies to satisfy the lien must be paid before clear title can be transferred.
What qualifies you to buy a condo in midtown Atlanta?
Your lender can answer your particular question, given your particular situation. There is no standard.
Can you have a reverse mortgage on a condo?
Yes, you can have a reverse mortgage on a condo. However, the condo must be approved by the Federal Housing Administration (FHA) for reverse mortgages. The condo complex must meet certain eligibility criteria set by the FHA.
Can you buy condo if you are ssi?
Your mortgage lender will help you qualify, regardless of the type of real estate you want to buy.
Who will provide information about condo mortgages?
LendGo, Freddie Mac and American Bank are lenders that will provide additional information needed about condominium mortgages. Another lender with condo mortgage information is BankRate.
