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View Full Version : Foreclosure procedure


foreverromantic
Jun 30, 2017, 06:37 AM
A friend purchased a condo and paid cash $100,000.00. However, he seems to owe the condo assn. over $ 9,000.00 in HO fees. He is a retired senior.
Is this a scenario for a foreclosure? OR... can the condo evict him?
He owns the apartment outright.
Please advise.
Thanks

ma0641
Jun 30, 2017, 10:49 AM
They can put a Lien on the property and in some states can foreclose under Super Lien process. If they don't have the $$ for fees, maybe they can do a refi and take the cash out for HOA dues. I hate Condo HOA's, in many cases, nothing but a money grab.

joypulv
Jul 1, 2017, 03:57 AM
Cash purchase, full ownership, and retired senior are all irrelevant. If they haven't put a lien on his condo, they will soon. He could then be hit with all sorts of added fees just to pay it. So the sooner he pays, the better. I agree about doing a refi. Interest rates are still very low and he could even take out a bit more. And starting paying every month!