Ask Experts Questions for FREE Help !
Ask
    foreverromantic's Avatar
    foreverromantic Posts: 177, Reputation: 1
    Junior Member
    		  
    #1

    Jun 30, 2017, 06:37 AM
    Foreclosure procedure
    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's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
    Uber Member
    		  
    #2

    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's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #3

    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!
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 procedure [ 1 Answers ]

I sold property & carried the note on a first deed of trust. They have quit making payments and they will not return my calls. I will be sending a demand letter to them to bring up payments or I will start foreclosure in 10 days. My questions is what do I do if they don't bring up the payments? Is...

View more questions Search