• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Foreclosure & minority ownership

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

truthseekerrm

Junior Member
South Carolina

My wife and her sister inherited a minority (1/8 each) share of a condo after their parents death. The majority of the ownership went to their aunt who has not paid the HOA fees for 4 years and now the HOA is threatening foreclosure if its not paid ($5000).

My wife and her sister were in high school and college at the time of inheritance and have had virtually no contact or involvement with the property. The property is paid for, but I'm aware that foreclosure can happen if HOA fees aren't paid. My biggest concern is my wife's credit. It seems unfair since she is a minority owner and was in college at the time of inheritance, but I know that doesn't get her off the hook.

Do we have any legal options? Will a foreclosure drastically affect her credit despite her small share of ownership?

Many thanks!
 


festival

Member
I've heard that associations can report the debt directly to a credit reporting agency, and also hire a collection agency that may report it. If the association has filed a lien, then it may already be on her credit report.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top