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Should a home owners association in Nevada deduct the monthly dues as income from a home that is in foreclosure in doing their budget?
Wiki User
∙ 14y ago
In producing the association's budget, there is a certain amount of 'educated guessing' involved in determining what expenses and revenues will occur next year.
Depending on the lender who apparently now owns the property and the state of Nevada's guidelines -- your property manager can give you the state details -- when the property is sold, the association may be entitled to a limited number of months' back, unpaid assessments.
Given the uncertainty of whether or not the foreclosed unit will produce any revenue in the next year, a conservative treasurer would not include revenue from that unit.
As well, the board can cut off any expenses to that unit, such as basic utilities, that are paid from assessments, and reduce the budget expenses for that unit by those amounts.
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∙ 14y ago
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Condominium foreclosure by hoa in Florida?
It's unclear from your question who owns the property, who is foreclosing on the unit and the reason for the foreclosure. If you own the property, and you owe money -- either to a lender, to a tax authority or to the association for over-due assessments -- foreclosure should not be a surprise. Foreclosure is usually accomplished either by a lender, a tax authority including the IRS, a co-owner, or the association. Before action for foreclosure begins, the owner has been notified, warned, advised and otherwise informed of options in lieu of foreclosure, but that foreclosure is a possibility. If not before now, the foreclosure action has your attention. You can attempt to work out a different result with whomever has taken the foreclosure action, which may prevent you losing your residence.
Who pays off your first lien mortgage holder when you are being foreclosed on by the homeowners association?
The process of distributing the funds received from a foreclosure should be part of the foreclosure documentation and process. You can find the answer you want in those instruments.
How can I stop foreclosure on my home?
Whether you can stop foreclouse on your home depends on many factors. If you should be unsucessful in attempting to lower your monthly payment, then seeking the advice of a lawyer is your best option.
When we file the Motion to reinstate does this stop foreclosure process?
Once this motion is recorded it should stop the foreclosure process. Actually, once the bankruptcy is filed, the foreclosure process should already be stopped.
Who do you contact if a condo has been abandoned by the owner pre-foreclosure and the pipes froze causing major water damage that affects the entire building?
The first contact should be to your master insurance policy carrier.Two duties are involved: one, a duty to repair; and second, a duty to pay for the repair.The insurance carrier can help the association in both of the duties, above, including tapping into sources of money to pay for the repair.The foreclosure action means that a lender now owns the unit. The lender may be absolved of any responsibility if the board has not crafted a resolution that covers lenders' responsibilities in foreclosure actions, such as maintaining heat in the unit during cold periods.It's a good idea for any association these days to develop and pass a resolution that covers foreclosure owners' responsibilities, and deliver a copy of the resolution to lenders who foreclose. No foreclosure action should be a mystery to an attentive association or condominium property manager.
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.
How long do you have to demand the return of personal items in your house after a foreclosure?
You should check the foreclosure laws in your area.
How bad is it to do a foreclosure and a bankruptcy at the same time?
You technically should not be able to do both at the same time. The bankruptcy should stop the Foreclosure proceedings in its track.
Can a lien be put on a property in foreclosure for owed homeowner's dues?
If the homeowners' association has recorded covenants and/or bylaws against the home in question, and the dues required by the covenants and/or bylaws have not been paid, a lien can be filed immediately in most cases, regardless of foreclosure or sale of the property. However, to ensure that the lien paperwork is filled out correctly (and avoid thousands of dollars in attorney fees should the homeowner challenge the lien in court), the homeowners' association should hire an attorney to prepare the lien documents.
After foreclosure does the bank have to pay the condo fees in Florida?
Read the governing documents to verify the language, which probably states that a unit owner is responsible for monthly assessments -- regardless of the state in which the association is located. Some banks would, of course, prefer not to pay monthly assessments on foreclosed condominium units. However, since these monies pay for the operation of the community, and the bank is now a part owner of these commonly held real estate assets, the bank should pay the assessments related to the unit which it now owns.
How do you write a letter requesting deed in lieu of foreclosure?
To write a letter requesting a deed in lieu of foreclosure, begin by addressing the lender or financial institution. Clearly explain your circumstances, such as financial hardship, and express your willingness to transfer the property back to them to avoid foreclosure. Provide any supporting documentation, such as proof of income or expenses, and end the letter with a request for their consideration and next steps.
How long after foreclosure do you have to vacate your home in California?
In California, after a foreclosure sale, the new owner can typically initiate eviction proceedings to have the occupants vacate the property. The exact timeline can vary depending on the specific circumstances and any legal actions taken by the former homeowner. However, occupants are usually given a notice to vacate the property before being forcibly removed.
