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What happens to the loan when the condominium forecloses for assessments?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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What happens If the bank forecloses and sells your home for less than the mortgage?
Depending on where you live and the type of loan you have, the lender may be able to go to court and get a deficiency judgment against you for the difference (in most cases they can do that)
When your home forecloses and your RV is repossessed can the loan company garnish your bank account for debt still owed on them?
Yes, if they receive a court judgment in most states it can be used as a wage garnishment.
What happens if you do not pay your check n go installment loan?
The loan will be a default loan
My mother is deceased I am the executor of her estate there was a mortgage on a mobile home and my name is not on the loan so if the mortgage company forecloses am I liable for the loan amount?
If the mobile home and mortgage are in your mother's name alone then you are not personally responsible for paying the loan. However, your mother's estate is responsible for her debts. If the loan isn't paid the bank will foreclose on the property and is entitled to any other assets if there is a deficiency.
Can you sue after your home is taken by the bank?
The answer is, yes, you can sue anyone for any reason. However, if you default on your home loan the bank forecloses, you will probably not win as long as the bank followed all the laws for wherever you are located.
Who can help with past due condo association fees?
If you are unable to pay your assessments, you can sell other assets, obtain a loan or by some other means, come up with the money. Friends, family, a bank -- all are potential options. Your condominium assessments pay for amenities, insurance, reserves contributions and utilities that you enjoy. Your assessments are debts that you owe. Your condominium association may be able to sell your unit to satisfy your obligation: read your governing documents to determine how your board is required to proceed against owners who do not pay their assessments.
What happens If the bank forecloses and sells your home for less than the mortgage?
Depending on where you live and the type of loan you have, the lender may be able to go to court and get a deficiency judgment against you for the difference (in most cases they can do that)
What is a condominium association exclusion rider bond?
When you purchase a condominium and grant a mortgage one of the documents you will be required to sign in connection with your loan is a "Condominium Rider." This rider is an attachment to the document recorded in the land records to secure your loan.
WHEN SOME ONE FAIL TO PAY THE LONE OF BANK?
Bank loans are usually secured on the person's property. If the borrower fails to pay the loan back to the bank - the bank simply 'forecloses' on the loan - and seizes ownership of the property.
You inherited a condo and do not want it nor can the market support a sale It is paid off with no outstanding bank loan What happens if you walk away from it?
Although there is no lender involved, you still owe monthly assessment payments on the condominium property.If you abandon it, eventually, the condominium association could foreclose on the property and force a sale to collect the debt that mounts from unpaid assessments.A better idea might be to donate the title to a charity with the understanding that the monthly assessments are payable.The charity can rent the property, sell the property or otherwise manage it as a valuable asset, which it is.Speak with your tax attorney: in donating it, you may be able to write off its value on your taxes.
When your home forecloses and your RV is repossessed can the loan company garnish your bank account for debt still owed on them?
Yes, if they receive a court judgment in most states it can be used as a wage garnishment.
Is it a good idea for a condominium to seek a letter of credit?
Not enough information is given to form an answer.Another answer:A letter of credit facilitates spending money quickly, by essentially pre-qualifying for a loan or other monetary assets in another's name.The letter of credit assumes that the person or organization is financially stable enough to qualify for the 'borrowed' amount.A condominium association spends assessment dollars on budgeted expenses. The assessments and the budget are usually revised annually.If the association's board needs to spend money quickly, it would only be in a special, predetermined situation. Usually, extraordinary expenditures require a board vote, a membership meeting open for discussion, and approval before monies are spent.A letter of credit doesn't make too much sense for a condominium association, given the alternatives, such as special assessments or documented borrowing against reserves (with a specific repayment plan).
My mother is deceased I am the executor of her estate there was a mortgage on a mobile home and my name is not on the loan so if the mortgage company forecloses am I liable for the loan amount?
If the mobile home and mortgage are in your mother's name alone then you are not personally responsible for paying the loan. However, your mother's estate is responsible for her debts. If the loan isn't paid the bank will foreclose on the property and is entitled to any other assets if there is a deficiency.
What happens if you do not pay your check n go installment loan?
The loan will be a default loan
Can you sue after your home is taken by the bank?
The answer is, yes, you can sue anyone for any reason. However, if you default on your home loan the bank forecloses, you will probably not win as long as the bank followed all the laws for wherever you are located.
What happens to a home if you are not on the loan but on the title-deed and the person on the loan dies?
what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/
What happens if you do not pay your bank loan?
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