What is going to ensue if some one stop paying condo excise and mortgage ?
I have similar story, late paying my mortgage and the condo charge, the condo association send me letters through their advocate. What could happen to me? The price is the condo is less than partly what I paid for. the bank have not made any move, just phone calls. How the condo association could hurt me, is it court or colection egency. pls assist
Answers:
you condo fees are to the association and if you continue to not wages those fees they will probably take you to court to collect
if you are not paying your mortgage, in time the company will start endeavour on you for lack of payment, resulting contained by foreclosure or repossession
Unfortunately, the decline in the condo's price has no good posture on the condo fees because the expenses have remain unchanged. As long as you own the condo, it is your legalized obligation to pay the condo fees. If you do own financial difficulties (hopefully temporary), contact the condo association, and you may come to some arrangement.
Depending upon your condo's bylaws, the association may decide to fine you, and eventually place a lien on your property, preventing you from selling the condo until all outstanding amount have been paid. In integration, they may hire a collection agency to collect the amount even before placing the lien. Source(s): Condo association council member for 20 years; within various executive positions for several
Condo = eviction.
Mortgage = foreclosure.
You'll probably face eviction and foreclosure. You'll also probably have to turn to court and your credit score will take a proboscis dive. Source(s): You may find this useful:
http://familyfinancialhelpusa.com/catego…
Depends. They can file a lien, initiate foreclosure, send to collections.
Read your condo bylaws. They should hold given you a copy.
foreclosure
court
credit
--get your payments back surrounded by good condition; in 3-7 yrs the
condo will be worth MORE than your payments. Source(s): RE broker
Related Questions:
Is it possible for me to market my private mortgage transcription ?
Is it possible to still bring a mortgage even though i am on a debt command plan?
Why am I still paying my mortgage and buying gasoline?
Is Suntrust Bank a fully clad mound to own your mortgage near?
Is it commonplace to be paying more contained by interest next to principal on a mortgage?
Answers:
you condo fees are to the association and if you continue to not wages those fees they will probably take you to court to collect
if you are not paying your mortgage, in time the company will start endeavour on you for lack of payment, resulting contained by foreclosure or repossession
Unfortunately, the decline in the condo's price has no good posture on the condo fees because the expenses have remain unchanged. As long as you own the condo, it is your legalized obligation to pay the condo fees. If you do own financial difficulties (hopefully temporary), contact the condo association, and you may come to some arrangement.
Depending upon your condo's bylaws, the association may decide to fine you, and eventually place a lien on your property, preventing you from selling the condo until all outstanding amount have been paid. In integration, they may hire a collection agency to collect the amount even before placing the lien. Source(s): Condo association council member for 20 years; within various executive positions for several
Condo = eviction.
Mortgage = foreclosure.
You'll probably face eviction and foreclosure. You'll also probably have to turn to court and your credit score will take a proboscis dive. Source(s): You may find this useful:
http://familyfinancialhelpusa.com/catego…
Depends. They can file a lien, initiate foreclosure, send to collections.
Read your condo bylaws. They should hold given you a copy.
foreclosure
court
credit
--get your payments back surrounded by good condition; in 3-7 yrs the
condo will be worth MORE than your payments. Source(s): RE broker
Related Questions: