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It is possible that both entities -- the association and the mortgage holder -- have vested, monetary interests in a condominium unit.
There may be no 'priority' as to which entity forecloses first, but your state law may dictate which entity occupies the 'priority' position insofar as the distribution of funds are concerned when the property is sold.
A local, association-savvy attorney can answer the specifics of your question.
AnswerGenerally, a lender will make certain there are no outstanding condominium fees or assessments due before granting the mortgage. The banks require a certificate of no unpaid charges as part of any mortgage transaction. That is the main purpose of the title examination performed for any property that is the subject of a pending mortgage, i.e., to make certain there are no prior encumbrances. The lender wants to make certain it's lien is senior.
If a lien arises for unpaid condominium fees or assessments after a mortgage is granted, the lien is subject to the mortgage. If the condominium forecloses on a condominium lien for a unit that is subject to a prior mortgage, the condominium would acquire the unit subject to the mortgage.
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What happens if you can't pay your second mortgage?
The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.
Can a lender sue if you do not have a job?
I lost my job and I have to foreclose on my home. can I be sued by the lender.
Can a married couple get a mortgage in only one name in Oregon?
All the owners of the real estate must sign the mortgage so that the lender can foreclose in the case of a default.All the owners of the real estate must sign the mortgage so that the lender can foreclose in the case of a default.All the owners of the real estate must sign the mortgage so that the lender can foreclose in the case of a default.All the owners of the real estate must sign the mortgage so that the lender can foreclose in the case of a default.
Can your condo association foreclose on your unit in Florida?
Yes. This is usually a last resort, but it is possible.
Can a mortgage lender foreclose on your brothers property if you continue to make the pyments?
A lender can only foreclose if the payments are in default. They don't care where the money comes from as long as it keeps being paid on time.
What happens to the loan when the condominium forecloses for assessments?
You'll need to be more clear about what's going on here. The "condominium" is a building. It can't "foreclose". The condo association can't "foreclose" on you either, since they don't hold title Only the title holder (i.e. your lending institution) can foreclose on the property.What the condo association can do is obtain a lien against the property. This is money you owe them, and if you try to sell the property, they're allowed to collect the amount of the lien out of the proceeds before you see a dime. If the lender forecloses on you, the lien from the condo association doesn't go away; you still owe it, but in this case the condo association will probably take you to court to recover it, most likely by garnishing your wages unless you have sufficient assets to pay it off.
What does it mean when a condo is in a foreclosure?
When a condo is in foreclosure it means that a lender is trying to recover funds from a borrower who has defaulted on their loan. The lender claims possession of the property to satisfy the debt.
After how many missded payments does a lender foreclose?
In most cases a lender will file a notace of default after 3 missed payments.
Can your condo association foreclose on your condo in California?
Yes.Read your governing documents to remind yourself of your legal obligations as a condominium owner.As well, you can read there the steps that an association must follow in order to foreclose on your unit, for example, to satisfy the debt you may owe for unpaid assessments.
Can you buy a condo if you receive ssi?
Your mortgage lender can answer this question for you.
Where does the borrower authorize the lender to foreclose?
The homeowners and lender sign a note and a Mortgage or Deed of Trust to create a security interest in the real estate. The right to foreclose in the case of a default is set forth in the mortgage clause entitled "Power of Sale".
In Texas if you dont pay your home equity loan what happens?
The lender could foreclose on your house.
