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| Wednesday, February 08, 2012
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JohnM3
(Florida)
Posts:288
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| 02/24/2010 8:19 AM |
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John please keep in mind people do not understand that each state has totally different laws. We are a Florida HOA also. What we do is at month 2 no pay sorry you go to Lienco of Florida they wait the 45 days and put a lien on the place. Then it gets funny as you know. As soon as people vacate usually at Lis Pendens I inspect the property to see what would be required to make it rentable. We have a cracker jack Real Estate guy we go with and he looks for a renter who is given a 6 month or 3 month lease. With the words in the lease this is short term lease and renewable by the HOA alone.
Meanwhile the real estate folks attempt to get a short sale out of the bank. If the original owner gets cute and gets the bank to hold off on foreclosure they rent it out so we go after them in Small Claims court but there is a kicker you got to get a good address on them. to serve them.....................Understand Citibank Corp now hasa plan to allow people to stay in there homes rent free and morgage payment free for 6 months............ugh ugh ugh a last option if you have enough members in foreclosure in Florida is you can get a cour appointed trustee to rent the places out and you get money back from the dead beats.....I understand that costs $3000 by a certain law firm found on cairn.com
Good lucj send me a email and we can share ideas
jack Murphy electricjack2003@yahoo.com |
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JohnE7
(Florida)
Posts:11
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| 02/24/2010 8:00 PM |
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JohnM3,
You mentioned a court appointed trustee, that sounds like a receiver. We are currently in the process of getting several units handed over to a receiver. The receiver is used in a situation where the unit has a paying tenant but the owner is pocketing all of the rent and not paying his HOA fees. We have to go through the same legal process to initiate an HOA foreclosure but we do not actually foreclose. Instead a receiver is apponted by the courts to collect the rent directly from the tenant. The receiver takes a fee out of the rent and forwards the balance to the HOA. The monies are applied to the delinquent balance and legal fees until the account is up to date, then the receiver only forwards the monthy HOA payment to us, the rest is sent to the owner, minus a monthly fee for the receiver. The ironic thing here is that the owner would have pocketed a lot more money if he had paid his monthly HOA fee all along. |
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StephenL
(Florida)
Posts:1
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| 03/18/2010 7:30 AM |
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John:
What happens to the past condo dues after the association forecloses in florida. I realize florida is a superlien state so a new purchaser has to pay all unpaid fees.
However, if the association foreclosed on the property and obtains title, along with the ability to rent it out. Are the old assessments prior to the foreclosure wiped out? How do you calculate what the new buyer owes since the COA is now the owner? |
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JohnE7
(Florida)
Posts:11
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| 03/19/2010 6:45 PM |
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StephenL,
The rent we collected on the unit we foreclosed on was first applied to the delinquent HOA balance. The delinquent balance was paid off, now we apply a portion of the rent to pay the current monthly HOA fee on the unit, the remainder of the rent is posted as income. At some point the lender will foreclose on us, it's then up to the lender to sell the unit. Since the account is up to date the lender and new buyer will not have to be concerned with any past due HOA fees. |
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RobertR1
(South Carolina)
Posts:5164
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| 03/20/2010 12:10 AM |
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StephenL,
Recently there was some posts that referenced how an hOA that held a lien on a unit could do something in the courts, that amounted to suing themselves about the lien, which would in turn force the bank holding the morgage to have to coough up the assessment fees.
Know anything about that? |
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RobertR1
(South Carolina)
Posts:5164
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| 03/20/2010 12:21 AM |
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Stephen,
Ooooooppppps,
I think I found what I was looking for.
DC my last. |
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CindiaH
(Texas)
Posts:1
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| 06/15/2010 11:00 AM |
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| Just wondering if you could direct us to your website? Thank you! |
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| You are not authorized to post a reply. |
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