In Ohio late what happens if you stop paying mortgage and condo fees?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

If banks and condominium associations in Ohio operate as they do in most states, you will potentially lose title your unit.
The bank can foreclose on an unpaid mortgage, and your condominium association may have the same rights for non-payment of your assessments.

At some point, if you continue to live in the unit, you will be evicted.
4 people found this useful

What happens if you stop paying the mortgage?

If your account is still in Escrow, your account will be closed "Purchasers default" which basically means they cant touch your credit because they didnt get a chance to deed it. If you were Deeded, you should send a letter telling them to cease and desist. Also ask in the letter for a WDIL. That (MORE)

How much does the average person pay in fees when refinancing a mortgage?

Answer . \nthere is no data on the average person, so i will tell you what to look for at your appointment. They should present several plans to refinance your mortgage. If they are a good broker they will have a no-fees plan that comes with a slightly higher intrest rate. The important thing (MORE)

What happens if you stop paying your mortgage?

Answer . \nThe lender will foreclose on the property and the borrower will be evicted. \n. \nThe property will be sold according to the real estate laws of the state in which it is located. HUD property is generally auctioned off at the court house in the county where the property is located.\n (MORE)

If you purchase a house and stop paying the mortgage on your mobile home what happens?

Answer . \nThe acceleration clause may trigger immediate payment of the entire loan (or a higher interest), plus penalties, or a notice and cure (grace) period; failing to pay quickly, the mortgage will be foreclosed, meaning that the mobile home and the land it sits on will be seized and may be (MORE)

What happens if you have not paid your car loan in four months but then you plan on paying the fours months plus late fees in full can they still repossess?

Answer . Of Course, they are going to get more money selling the car than that 4 months. Your word means nothing to them, you have to show up with the money and pay, or they are going to repossess. I had my car loan check stolen out of the mail, they were still going to possess even though all of (MORE)

How does a condo association report owners delinquent in paying their condo fees?

The association wants to do more than report owners delinquent. The association wants to collect the debt. Check your governing documents to discover whether or not your assessments are automatically liens against the units. If so, then the association's attorney can file a formal lien. The boa (MORE)

What will happen if I stop paying my second mortgage and my home is currently worth less than my first mortgage assuming my first mortgage is kept current?

The second will foreclose on your Property.To avoid the situation you must consult a mortgage firm who would assist you in your debt settlements. Why would you stop making your payment? The value of your home should go back up when the economy recovers. The value of your home has nothing to do with (MORE)

Can a condo owner stop paying homeowners association dues?

Yes you can, and is it not recommended that you quit paying them. Your association assessments pay for services to support the community, such as sewer, water, master insurance policy premiums, upkeep and maintenance on real estate assets owned in common and so forth. When you don't pay your asse (MORE)

Can a condo association in Florida lien a condo and seize the property for late maintenance fees?

You can find the answer you want in your governing documents. Your monthly assessments cover bills the community incurs for community services, such as master insurance policy premiums, landscape services, property management services, sewer and water bills, and so forth. When you don't pay your (MORE)

What happens when you can't pay your mortgage?

It reflects poorly on a bank to have real-estate in its portfolio of assets. When a borrower is performing well on their mortgage installments, the Asset in the banks portfolio is a performing mortgage. When a mortgage stops performing the first course of action is to get the mortgage reperforming. (MORE)

What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?

For the condo association foreclosure to be valid, the bank who holds the mortgage must be notified of the foreclosure action, and the mortgage company has the opportunity to do a couple of things:. They can pay the delinquent condo fees themselves, to protect their own interests, and force the bor (MORE)

Where do you pay discharge of mortgage fee?

If the mortgage has been paid and you receive a discharge from the mortgage holder, it must be recorded in the place where deeds are recorded and the filing fee paid there.

After the bank forecloses on a condo do you pay HOA fees in Florida?

Association assessments are paid by the owner of record. If your name remains on the deed, you owe assessments. In most cases, the homeowner or unit owner is responsible for paying the HOA fees prior to the foreclosure. Once the lender takes legal possession by foreclosure no further fees are (MORE)

After foreclosure does the bank have to pay the condo fees in Florida?

Read the governing documents to verify the language, which probably states that a unit owner is responsible for monthly assessments -- regardless of the state in which the association is located. Some banks would, of course, prefer not to pay monthly assessments on foreclosed condominium units. (MORE)

After foreclosure do I have to pay condo fee?

Assessments - you call them fees -- pay for the operation of thecondominium community. Whoever enjoys the ownership privileges ofthe community is liable for the monthly assessments. If you are the owner upon whom the foreclosure is executed, youstill owe your unpaid assessments up to that date. I (MORE)

Can a condo be foreclosed for not paying association fees?

They usually don't foreclose for a condo fee, but they will place a lien on the home, meaning it cannot be sold until the lien is resolved. You can read all about the association's responsibilities to collect condominium assessments and the process that can be followed in order to collect this de (MORE)

If your home owners insurance is part of your mortgage payment and you stop paying your mortgage what happens to your insurance coverage?

Once you have defaulted on your mortgage or have gone into foreclosure all your rights on the homeowners policy are null and void. all rights of recovery revert to the Mortgage company. . Basically you become uninsured and the mortgage company remains insured through the policy term. . Also if the (MORE)

How do you pay off condo fee lien in Massachusetts?

If Massachusetts is like most other states, the attorney who filed the lien on behalf of the association can provide you a total amount to pay, which includes the lien amount, the attorney's fee and the filing fee. In order to lift or remove the lien, you must pay these amounts -- usually to the at (MORE)

What happens to your mortgage if your HOA forecloses on your condo?

The answer depends on how much you owe, how much the unit can be sold for, and where the lender's claim on the property falls in the priority status for distributing the funds from the sale. Some associations file a lien on the title in advance of foreclosing, and this lien may be a priority lien, (MORE)

What if you stop paying on my second mortgage?

They'll probably, eventually, foreclosure. (second response) The first lien holder will pay the second lien holder to prevent them from foreclosing on the property. A second lien would never get away with this, but if they did, boy would they be in the money. Imagine if you took a home equity loa (MORE)

Can you charge reoccurring late fees on unpaid condo assessments?

Read your governing documents to determine the process and structure of late fee charges. If you are behind one month, and the late fee is $30 per month that you are behind, and you continue to pay one month late, it's reasonable that you are fined $30 for each month you remain behind in paying yo (MORE)

When a condo owner does not pay monthly fees can the association collect late fees or interest?

Yes, generally. Your governing documents could be very specific on this issue. (Generally, assessments are levied against owners in order to pay the operating expenses of the community. Often, not only do owners agree to pay them when they purchase a unit, but your governing documents may indicate (MORE)

Do you have to pay condo fees if condo board does not follow guidelines?

Yes. Apparently, your question implies that using your leverage by not paying your assessments will change the behaviour of the board. This is not a valid assumption. Read your governing documents to better understand your options. Your monthly assessments pay the bills for operating the com (MORE)

What if you win lottery and stop paying mortgage?

The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs. The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any defic (MORE)

Can you lose your mortgage free home for nonpayment of condo fee in New Hampshire?

Read your governing documents to determine your responsibility topay your condominium assessments. The governing documents also define the actions that the board musttake to collect these past due amounts in advance of foreclosing onyour home to sell it in order to retire the debt. You can hire an (MORE)

Do you have to pay condo fees if you cannot get into condo due to fire?

Yes. One key benefit of an HO-6 -- condominium owners' insurance policy -- is the option to insure against loss of habitation, which can include paying your assessments during a period when your unit is not available for habitation. Without this kind of insurance coverage, you must still pay your (MORE)

What happens if the partner on the mortgage loan moves out nd stops paying?

The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure. The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure. The remaining co-signer would be stuck paying (MORE)

Can you stop paying for a part of the Condo fees?

In a word, yes. And in doing so, please acknowledge the consequences of this action, as below. Your governing documents are clear about how the association must handle unpaid assessments. When your account becomes past due, the association will send collection notices and letters. Your associatio (MORE)

Do you have to pay condo fees if condo does not follow guide lines?

Your attempt to correlate your obligation to pay your assessments with the board's responsibility to follow the governing documents is not a valid correlation. Read your governing documents to confirm your obligation to pay your assessments. As well, you can notify your board of their violations o (MORE)

Who pays for condo fees when it is reposessed?

Your state law may help decide who ultimately pays assessments once a unit owner discontinues paying them. Sometimes, assessments area declared as 'super-priority' payments that are paid when the unit is sold, and for a specified number of months. Savvy associations work with lenders that reposse (MORE)

We have been discharged do we still pay condo fees until the bank forecloses us?

Legally, so long as the title to the unit is in your name, you owethe association the payment of the assessments levied against yourunit. Assessment income pays for the operation of the community.Especially if you remain in residence, you can pay yourassessments: otherwise, you're living there on y (MORE)

Does the bank usually pay condo fees after forclosure?

Banks that own condominiums are not known for their core competencyin real estate ownership: it is not their business. It is the rarebank that pays assessments willingly or voluntarily on a foreclosedcondominium unit. Savvy association boards deal with individual banks as owners aboutpaying assessm (MORE)

Why pay hoa fees if renting a condo?

If you own a condominium that you rent, you remain obligated to pay your assessments. If you rent a condominium, you may be obligated to pay assessment through the terms of your lease.

What are the consequences of paying late mortgage payments?

Although there is typically no consequence to paying a late mortgage payment, there is typically consequences to making mortgage payments late. These consequences typically include a late fee, increased interest rates, and a lowered credit rating.