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In case the mortgage balance is substantially higher than the market value of a Florida Condo does it even make sense for an association to file a lien for unpaid dues?
Wiki User
∙ 14y ago
It all depends.
If the governing documents for the association and state law indicate that assessments -- you call them dues -- are automatically liens against the title, and have a priority position ahead of any mortgage lender, then filing a lien means that the unpaid assessments can be paid first from any proceeds of sale.
Wiki User
∙ 14y ago
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Reverse Mortgage Calculator?
Reverse Mortgage Calculator Use this calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
How long are you required to have mortgage insurance?
You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.
How much is the average mortgage balance?
200000
Does mortgage payable post to the income statement or balance sheet?
Mortgage payable is liability so it is part of balance sheet and not part of income statement.
What mortgage type typically offers low rates for an initial period of time after which the entire balance is due?
balloon mortgage
What is a junior mortgage on a property that includes the balance due on an existing senior mortgage called?
foreclosure
Is mortgage payable debit or credit?
Mortgage payable is liability for business and like all liabilities it also has credit balance and shown in liability side of balance sheet.
Where will you put mortgage payable on a general ledger?
credit mortgage payable in the liability side of the balance sheet
Can you pass on a mortgage with a property in a sale where the mortgage rate is attractively priced?
No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.
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.
Can you qualify for a Reverse mortgage with balance owed on original mortgage?
Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mortgage- thus eliminating the mortgage payments for good.
What is a maturity mortgage?
Date on which the principal balance of a loan is due.
