HOA/POA dues AFTER foreclosure

Started by RichardF3 • 4 replies • 2395 views

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RichardF3 (California)
Posts: 1

Posted:

If my condon/townhouse goes into foreclosure what financial responsibility, ie POA dues, do I have AFTER the foreclosure? I am up to date on all my dues and I know I must pay until it forecloses, but what about after the bank takes it back? I have heard that I must still pay POA dues UNTIL the bank sells the property. Is that true?

Any help.

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Once the bank takes it back, you are no longer responsible for anything to do with the property. If it ever went to court, you can just tell the judge the date the bank took possession and the case will be closed.

GlenL (Ohio)
Posts: 5,491

Posted:

Richard, you are responsible until the bank takes title of the property.

Studies show that 5 out of 4 people have problems with fractions

DeeS1 (Michigan)
Posts: 223

Posted:

Glen:
I'm curious because we have a similar situation. Is " ... bank takes title" typically considered the date of the foreclosure sheriff's sale or after the redemption period expires? In many situations the home is sold at foreclosure, but the homeowner still retains possession of the home until the end of the redemption period. My impression is that the bank would still be the responsible party during the redemption period, correct?

GlenL (Ohio)
Posts: 5,491

Posted:

Dee, I’m not an attorney but I would presume it to mean when a deed is filed with the County Recorder stating that the bank is the owner of record. There was a story on the news page within the past month or two about someone in this position. The bank foreclosed but did not take title and Association went after him as the owner of record for the fees even though he had moved out. That is one of the reasons that the HOA’s in Florida have been doing the reverse foreclosures; to get the banks to take title and be responsible for the HOA fees.

Studies show that 5 out of 4 people have problems with fractions

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