Ask Experts Questions for FREE Help !
Ask
    LivingtheLifeinFLA's Avatar
    LivingtheLifeinFLA Posts: 137, Reputation: 29
    Junior Member
     
    #1

    Mar 18, 2010, 10:32 AM
    Florida Condo Foreclosure sale
    In Florida, when you buy a condo or house at foreclosure sale that has an association, you also have to pay ALL outstanding condo fees (super lien), only the 1st mortgage holder qualifies for the 6/12 month limit.

    Here is a twist - What if the association forecloses for a fee deficiency first? For example, let's say past fees were $5k (10 months worth) and they foreclose and take title to the property, rent it and so on.

    Then the first forecloses a year later ($500 x 12 = $6000). Is the outstanding amount $11,000, $6,000 or none?

    I am trying to determine what the new owner is responsible for? It seems to me they foreclosed, took title and became the new owner. They had the right to sell that lien, and bought it back. It is hard for me to believe they can have their cake and eat it too.
    jonledin's Avatar
    jonledin Posts: 29, Reputation: -1
    New Member
     
    #2

    Jun 24, 2010, 06:42 PM
    Don't see how an association can foreclose and get a deficiency judgment? They most likely purchased the property at sheriff's sale and are trying to collect on deficiency judgment for association fees.

    Depending on state laws, under judicial forelsoure,the tenent has a right to redeem within time limit set by statute. I don't know Florida foreclosure law but you will need to find out if Florida is a judicial or non-judical state regarding forelcosure of proeprty.

    It sounds like it's a judicial state which means the court made a ruling on the sale and proeprty and was sold at sheriff's sale. The new owner should NOT be responsible for any deficiency judgment, so the answer is 0.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,379, Reputation: 2280
    Home Repair & Remodeling Expert
     
    #3

    Jun 24, 2010, 07:02 PM

    I am not aware of any state that allows a HOA or POA to foreclose on a home for dues. They can get a lien and that may not kick in until a sale. The POA can't foreclose a loan they do not own.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Foreclosure Condo Association [ 4 Answers ]

I recently bought another property at foreclosure auction. The property was first foreclosed on by the Condo association for a fees lien. I believe they then rented the property as they are entitled to do. The first lien holder then sold the property at auction of which I was the successful...

Foreclosure sale in Florida [ 1 Answers ]

Our home is being sold at a foreclosure auction in Florida. How long after the judgement date is the sale scheduled. After the sale, how long do we have to vacate the property?

Getting out of a Florida preconstruction condo [ 2 Answers ]

We bought a preconstruction condo in Florida in 2006, that will be finished in the fall of 2009. We found out recently that the builder now wants to change a ceiling pop-out to hide electrical work and ducts for themselves. We were not disclosed this information nor agree to the changes, do we...

Condo lease in Florida [ 1 Answers ]

Does condo lease have to be notarized?

Leased condo for sale in Fl [ 1 Answers ]

I have a one year lease on a condo that is forsale in Florida. What happens if it sells? There is no mention of that in the lease


View more questions Search