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AliceS3 (Colorado)
Posts: 5
Posted:
More and more foreclosures are affecting HOA communities. Who is liable for monthly fees and other assessments during this time? The Mortgage Company I assume, but is there a limit as to their liability? There is Federal law out there regarding this, but I'm not sure where to access this. Comments please!
JosephW (Michigan)
Posts: 882
Posted:
Unless your state has given the association a "super lien" (usually states that have a variation of the Uniform Common Interest Ownership Act, and even with the "super lien", its usually only good for 6 months before the sale), the new owner, be it a mortgage company, or other purchaser at the foreclosure sale, begins to pay (or should) th assessments. If they don't place a lien on them also, even if its your neighborhood bank. Sometimes they don't pay attention until they get hit with the lien and related legal costs. You still have the right to pursue the original owner for the amounts due before the sale, but in liklihood, those debts get written off. That's why its so important not to let it drag very long.

Joe

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JosephW (Michigan)
Posts: 882
Posted:
Sorry, I missed that you were in CO. That is a UCIOA state. Check here for a couple articles regarding your topic. See the articles on foreclosure and on "Ownership after foreclosure":

http://www.hindmansanchez.com/lawyer-attorney-1082827.html

Joe

Joseph West
Official HOATalk.com Sponsor
Community Associations Network, LLC
www.CommunityAssociations.net

*See legal notice below (end of page) or go to www.hoatalk.com/legal

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