Posted on: 04th Oct, 2012 10:57 am
My condominium was foreclosed 16 months ago (by my condo association for late fees). They have not taken the deed as yet. I stopped paying the mortgage when they were granted the judgement. However I still have insurance on the property and continue to provide light and gas. I stopped paying the property taxes about six months ago due to my financial situation. Do Ihave to continue to pay? Is there a way to expedite the process of them taking the deed?
Since you are still the Registered owner, the property is technically still yours and you are required to upkeep the property and make the required payments. You can contact your HOA and explain to them you want to be out of the property and have the deed transfered. The problem is, who owns the home at this moment. It sounds like the HOA company has not taken the steps to fully execute the foreclosure. In a normal foreclosure, either someone purchases the home at auction or it goes back to the original lender. In your case, it sounds like the deed is still in your name. Eventually the lender will start foreclosure on you since the loan or note has not been paid off by the HOA company. The HOA would have to buyout the mortgage to be able to have clear title to your home. Have them work with you to give up the title to your property. Good luck
Welcome youngcy,
Though the property is foreclosed, unless the property is sold off at an auction and you transfer the property to someone else, you will be considered as one of the owners of the property. In such a situation, you will be considered liable for the maintenance of the property. If you don't do so, there can be a lien on the property and the dues can be charged off.
Though the property is foreclosed, unless the property is sold off at an auction and you transfer the property to someone else, you will be considered as one of the owners of the property. In such a situation, you will be considered liable for the maintenance of the property. If you don't do so, there can be a lien on the property and the dues can be charged off.
