If my condo or HOA forecloses on its lien for unpaid assessments and takes title to a home, is the association responsible for the mortgage payments?
No. Only the homeowner/borrower is responsible for payments on the mortgage note. However, any first mortgage liens and tax liens are superior to the association’s lien and will remain as encumbrance(s) on title. Our Helpful Resources page features an article discussing the elimination of “abandoned” first mortgage liens, allowing your condo or HOA to potentially sell the unit at market value if it takes title to a home.
Related Questions
- What debts and other obligations will fall on the condo or homeowners association if it forecloses on its lien for unpaid assessments?
- What can the condo association or HOA do to recover past due assessments if it forecloses on its lien and takes title?
- Should a condo association or HOA accept payment plans for unpaid assessments?
