With the foreclosure freeze, will our condo auction date remain the same?
12/10/10. If we are still in it, how long do we have to relocate? When can we stop paying the HOA dues? We have kept them current. What's the time from the auction sale to the bank taking
the condo back? Help, please!
Contracts / Agreements Lawyer
The question I can answer: You must pay the HOA dues up to the time of the auction sale.
The questions only the bank can answer: Each bank is handling the "foreclosure freeze" differently. So the answer to the question when the condo will be auctioned is a matter of bank policy. Same re time to relocate. Because the bank has the right to take the property back immediately, I suggest you assume that you will have to be out the day the property is auctioned.
The foreclosure freeze has ended for at least some lenders. Unless you receive written notice that it is off, assume it is still on. Once the foreclosure happens and the house is sold, only then does your liability on HOA dues end. Once the sale goes through, you can be evicted at any point, but the new owner still has to follow state law. If the bank takes the property back, it could be a long time before you get evicted.
[This communication is intended as general information and not specific legal advice, and this communication does not create an attorney-client relationship.]