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Homeowner Dues vs Bank Liens

May 20, 2013 - Sylvia Heldreth
When a homeowner who lives in a community association is upside down in home value compared to mortgage, owes association fees and declares bankruptcy, the bank is paid all proceeds from the sale of the property and the association may not receive anything. This is the law. Banks say they have the first lien. Associations say they are owed also and deserve to be paid. What is fair?

What do you think?

 
 

Article Comments

(2)
Nov-19-13 3:11 PM

hoa are a bad deal for everyone but the developers

sandman2go

May-23-13 9:15 AM

It doesnt matter what you or I think, it's all law. IF the bank has first lien (not all are)the property was financed with their money and they should collect up to the amount owed with the balance to other creditors according to the bankruptcy-type rules.

 
 

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