What happens to HOA payments when home is foreclosed on?

[anoncarolina]

What is the name of your state? Home is in SC (but living in CA)

Am i responsible for the HOA payments once the bank takes the house? If there are multiple scenarios, what is "typical"?

Thanks

 

[LindaP777]

If the bank has foreclosed, they are the new owner and responsible for HOA fees. If they don't pay, a lein can be attached to the house/condo. When the bank sells the house, all back HOA fees will be brought current.

What we haven't discussed is the possibility of a deficiency judgement the bank could bring against you . . .

 

[anoncarolina]

can we discuss that?

I'm trying to get legal advice, I have been trying to consult the lawyer that we used in our closing when we bought the house, but would like a second opinion.

we're basically trying to get a "what if" scenario for if the bank forecloses. we have renters in place right now, but we're so far upside down we're losing a almost $10k a year, and their lease is up this summer. we could certainly put that $$$ to money to better use, but don't want to lose our 401k,s mutual funds, etc, etc.

If the bank has foreclosed, they are the new owner and responsible for HOA fees. If they don't pay, a lein can be attached to the house/condo. When the bank sells the house, all back HOA fees will be brought current.

What we haven't discussed is the possibility of a deficiency judgement the bank could bring against you . . .

 

[HomeGuru]

can we discuss that?

I'm trying to get legal advice, I have been trying to consult the lawyer that we used in our closing when we bought the house, but would like a second opinion.

we're basically trying to get a "what if" scenario for if the bank forecloses. we have renters in place right now, but we're so far upside down we're losing a almost $10k a year, and their lease is up this summer. we could certainly put that $$$ to money to better use, but don't want to lose our 401k,s mutual funds, etc, etc.

**A: the answer to your question is YES, even if the bank takes title to the property via foreclosure sale, you remain liable for the HOA payments.