Re: Florida Condo

Posted by steele in minnesota on November 22, 2008 at 07:13:47:

In Reply to: Florida Condo posted by penny on November 21, 2008 at 19:36:04:

In most areas of the country an association can actually foreclose on a property just like any other secondary (or primary) lien.

It is more than possible that the association could act before the primary loan. In this case their secondary lien would not go to unsecured after the foreclosure.

Not giving legal advise as I am not an attorney, but under the circumstances I would continue to pay the association after I stopped payments to the primary mortgage. At least until the first mortgage started the foreclosure. Once I knew that was in place I would probably stop any secondary payments including association fees. And, of course, I would be negotiating with my lender for alternatives to foreclosure like deed in lieu or short sale.

If that sounds interesting to you contact an attorney first to double check if these (or similiar) logistics would work in your state.

Anyone from Florida with other ideas?

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