But then the bank finds out there is a homeowners association or condo association past due amount. In each state it is different, but in Florida, it’s a nightmare. A safe harbor rule under a legal statute declares the first-lien holder can pay the lesser of either the past 12 months in assessments or 1% of the original principal balance on the.
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On the surface, Florida’s condominium and homeowners association safe harbor statutes appear to define mortgagees’ pre-title liability to an association. However, there is a tremendous amount.
I’m analyzing a 1st position NPL to buy for which the current note holder has started foreclosure. I found out that there are about $5600 in unpaid HOA dues and I found an older lien on the property from the HOA for $2000 (included in the higher figure). The home is located in WA state.
By Aaron L. Gordon, Esq. Corporate General Counsel LM Funding. For the second year in a row, Florida’s homeowners dodged a financial bullet. The failure of House Bill 1339 to pass the legislature this year was an important victory for struggling homeowners who continue to face financial woes due to budget shortfalls resulting from delinquent assessments.
Two HOAs may have spoiled hopes for HOAs to continue collecting extra-assessment charges-including late fees, fines, interest, attorney’s fees, and costs-from banks who take title to homes and condos in mortgage foreclosure. See catalina west hoa and Old Cutler Lakes by the Bay Comunity Association v.
Lender liability for Florida HOA and condominium association assessments 2014 update. and thus be entitled to the statutory safe harbor. Issue: If a homeowner does. [or Homeowners.