You worked hard to be able to purchase that home or condo. You sign your papers, you move in… And then tragedy strikes. You get sick, injured, or suffer the hit of cut-backs at work. You’re unable to pay your home owners association fees, and before you know it, you’re missing mortgage payments. Then it comes – the foreclosure notice.

So what happens next?

Foreclosures and Home owners association debts are not one-size fits all. The next stage in the process depends on who handles the fees owed to the home owners association. If you are trying to keep your home or condo, you will want to settle the fees yourself, to prevent anyone else – such as the HOA – from being able to take ownership by filing for a lien. If saving your home is not an option – and the foreclosure stands – there are two things that could happen next. If the bank pays the home owners association’s fees, then that amount will be added to the Deficiency Judgment filed by the bank after the foreclosure sale takes place. This is the most likely situation, as the bank will need to pay the fees in order to obtain a clear title from the Association. In the second scenario, the Association can file a suit for foreclosure and take possession of the property through a lien.

Every situation in the foreclosure process is different and it’s hard to say exactly how your case will be handled. In these circumstances, it is best to consult with a local, experienced real estate attorney that specializes in foreclosures. A qualified professional will be able to walk you through the process and make sure you are fully protected during the course of the foreclosure.

Stephen K. Hachey, a Florida foreclosure attorney, can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.

The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.