Cynthia Anne Riddell’s Answers

Cynthia Anne Riddell

Sarasota Chapter 7 Bankruptcy Attorney.

Contributor Level 2
  1. Can owner of condo in foreclosure avoid personal liability for future association due assessments by quit-claiming it to a LLC?

    Answered over 2 years ago.

    1. Margery Ellen Golant
    2. Cynthia Anne Riddell
    3. Royce Brent Bishop
    4. Randall M. Lipshutz
    4 lawyer answers

    The personal liability for the ongoing condo assessments runs with the land. Therefore as long as the debtor remains the record title owner of the real estate (the debtor's name is on the deed until the bank finishes their foreclosure) the association has the ability to sue whoever is the owner of the property. Therefore if the owner files chapter 7 bankruptcy and surrenders the property any liability for assessments up to the date of filing is dischargable. If the association filed a claim...

    3 lawyers agreed with this answer

    1 person marked this answer as helpful

  2. Do I have to file bankruptcy or can I just walk away from my home?

    Answered over 2 years ago.

    1. Richard Michael Dauval
    2. Cynthia Anne Riddell
    3. Alan D. Walton
    4. Eric Leonard Bolves
    5. Thomas John Cesta
    5 lawyer answers

    Just walking away may actually prolong your credit score recovery so you should speak to an attorney, specifically a bankruptcy attorney. Most offer free consultations to go over options. I would especially be concerned about the second mortgage. Many second mortgage holder sue borrowers personally since the value of the underlying real estate will not be enough to pay the second lien holder...in fact what you could sell the real estate for can often time not be enough to pay the first...

    1 lawyer agreed with this answer

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