If you were a condo owner in a community governed by a homeowners association (HOA) and your condo was sold at a foreclosure auction, you might think you’re off the hook for any delinquent payments to your HOA. You’re not! You will be liable for any dues while you are on title.
Today, as the market value for many properties has fallen, there isn’t enough money “left over” to pay your HOA. Most associations have governing documents that allow them to collect from a property owner personally, after the home has been lost to a foreclosure.
Bottom line – don’t just ignore your association fees because you’re in active foreclosure. You could pay for it later.
Elena Rivkin Franz, Real Estate Litigation Attorney