Florida  |  Real Estate Law

Legal Question

Asked on: 5/19/13, 8:21 am

My HOA dues were not paid, so they took my house and sold it for $8,800. The loan on the house is still $107,000 and payments are current. What do I do now? Am I still responsible to pay the loan or is the buyer now responsible? What would happen to me if I stopped paying for this house that I no longer own? I am in Florida.

1 Answer

Answered on: 5/19/13, 6:08 pm by David Labovitz

Hi. I'm sorry to hear of your issue with the HOA. When the HOA forecloses, they take your property but the loan doesn't go away. The lender can sue to foreclose the HOA and can also sue you to repay the loan. Thus, even though you no longer own the house, you are still responsible for the loan. It probably doesn't make much sense to continue making the mortgage payment since you no longer own the home. However, be prepared for the lender to file suit against you. The lender can foreclose the HOA ownership interest. It can also sue you per the terms of the promissory note you signed and hold you fully responsible for the loan balance.

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