Monday, August 24, 2015

Are We Still Responsible for HOA Dues and Insurance When our Home Goes to Foreclosure?

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.
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