Once the foreclosure is final on my townhome who will pay the HOA lien?
Answers: when you foreclose on a loan the bank takes the property therefore its not yours. You cant have a lien on something you dont own.
Once the home is foreclosed on... you will be living somewhere else and it doesn't really matter who pays the HOA lien. That being said... here is what is going to happen.
Whomever is foreclosing on you (mortgage company, HOA, etc) will take possession of the home and the sell the home. From the proceeds of the sale they will pay all the outstanding liens against the home (Taxes, HOA, Insurance, etc.). If there is not enough in the sales price to cover these then the mortgage company will take a loss on the loan as the Taxes and any other leins must be satified before the title can be transferred to a new owner.
Hope this answers the question.
criz...
while all of these answers are very good, here is what has happened to my son.
In San Diego, CA he went through a foreclosure. The HOA Lien was put against his credit report and it shows up as a debt for him.
I would assume that for each state or local area that the answer may vary. I would check with your local sources to be sure.
good luck :)
It will be paid out of loan proceeds, if there are any that is left.
HOA dues are assessed against the property and not the individual that owes them, so whoever purchases it at an auction would have to pay the dues.
The lein DOES NOT go away with the foreclosure.
Is it righteous moment to purchase a house surrounded by Ontario?
After the rate cuts in US and Canada. Is this a angelic moment for investing in a house contained by Ontario?Answers: better in June,explicitly my opinion.
In a 30 fixed mortgage, why Interest rate, APR and Estimated reward per thousand per month are different?
In a 30 fixed mortgage- 2point loan, why Interest rate, APR and Estimated payment per thousand per month are different?here are the vlalues:
Interest rate:5.250%
APR:5.46%
Estimated Monthly Payment per $1,000: $5.52
Answers: Based on tolerant lending regulations, you must disclose the APR. The APR is inclusive of points and fees. So while the on going interest rate is 5.25% within this case your APR (after fees and points) is 5.46%
The regulation be enacted to confer borrowers a way to compare adjectives loans by a standard number namely APR.
The problem is that many lenders skirt the rules by charging fees that drip outside the APR calculation approaching processing fees and overnight fees.
Interest rate is the actual rate you are being charged on the amount you are borrowing. There are costs involved contained by this trasaction so the APR includes the costs in the transaction and turns them into a percentage.