Agent

Condo foreclosed but HOA fees keep coming

Who's responsible for unpaid assessments?
Published on Jun 30, 2008

DEAR BENNY: Recently my condominium unit was foreclosed upon, but the association has now sued me for unpaid condominium assessments. Am I still responsible for this debt? --William DEAR WILLIAM: Unfortunately you are, but only until the foreclosure sale took place. Once a new owner took title to your unit -- whether it was a successful bidder at the foreclosure auction or the bank itself -- that new owner is obligated to start paying the association dues. But unless you have other assets, in my opinion, the association is wasting its time -- and its members' money -- going after you. DEAR BENNY: Can the money we deposited with the builder be returned to us if we back out, even though we signed the purchase contract? --Shirley DEAR SHIRLEY: To my knowledge, there is no "cooling off" period in real estate. Once you sign a contract to buy property, it is legally binding on you -- and on the seller. Why do you want out of the contract? Have you just changed your mind...

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