Question: We moved out 5 years ago
when the home was discharged in
Chapter 7
Bankruptcy. There were no bids at
foreclosure so the bank bought it back for $100. We
still pay Homeowner Association (HOA) dues and insurance
on the property in case someone wanders onto the land,
gets hurt and wants to sue us. My question is are we
still on the deed and therefore still responsible for
HOA dues and insurance? Even though the
Chapter 7
Bankruptcy was discharged 5 years ago, the bank just
put the home up for
foreclosure three months ago. We were still on the
deed so we were responsible for the dues and keeping up
insurance. The bank paid for taxes. Now that the home
went to
foreclosure and the bank did not get any bids except
their own $100, are we still responsible for dues and
insurance?
Response: No, once the property is
sold at
foreclosure auction, the bank gets a referee’s deed
so you are no longer on the deed and are not responsible
for paying maintenance or HOA.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.
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