How long should it take for bank to takeover post BK?

[OneDay]

How long should it take for bank to takeover post BK?
In February of 2007 I called them and told them we are in the process of filing BK and we are surrendering our condo to them.

The reason I called was a to let them know its the middle of winter in Colorado and we were shutting of the gas, electric and water. We moved out of state on the 5th of Feb.

To date we still recieve bills from the developement HOA which were always paid current, I informed them last year we filed BK and they can speak to wells fargo about the fees, but we got another bill this year as well..
After calling the HOA managing company they have told me both times that they would resolve the issue with the bank.

Check the County Assessors page we are still shown as the owners of the property, is that common or should the bank take over?

[TEW]

I think you are going to be responsible for those fees until after the foreclosure.
The condo is in your name up to the time it is deeded back to the bank.

[OneDay]

We had delays with our filing... Originally filed chapter 13 on 06/2007, then chapter 7 on 10/2007 after our attorney f'd up and realized he made multiple mistakes.
The forcloser has already passed with the property.

[justbroke]

By Bankruptcy Law, you are responsible for all bills and have full liability for the property, until a new warranty deed has been issued.

While the HOA may have stated that they'll take it up with the Bank, the person named on the deed (at the property recorder/appraiser's office) is who the responsible party is.

I've read here, on this site, where folks thought the Bank was going to pay, and the Bank didn't.

[AngelinaCatHub]

Justbroke is right and you need to keep a paper trail. Green card all documentation and write the bank a letter that you deny any and all responsibility of the condo as it is their fault by now for not assuming the Deed. Give them a quit claim deed if you have to.

You might put in the paper under legal that you are responsable only for your own debts and name the bank in some way. I can't think of a good syntax right now, but, you need to get your responsibility nulled in some way. 'Hub

[OneDay]

This sucks to hear that this could come back and bite us in the butt...
Being DISCHARGED 2/4/08 & CLOSED 3/24/08, I assumed the bank would have taken full control of the condo over.

Does this mean I may be liable for TAXES and HOA fees?

Final Confirmation Hearing 12/16/08
Stats: $4,960/month -- 3/60 months completed

I just about choked when I saw that payment. WOW

[justbroke]

Does this mean I may be liable for TAXES and HOA fees?

Not for Taxes. Taxes are with the property and whoever owns the property at tax time, gets the bill. Even if the person who gets the bill doesn't pay, and someone else takes over the property... the taxes move over to the new person holding title. Thank God for this!

HOA fees are a whole different story as they have no statutory lien on property. HOA fees are payable by the person who held the property title when they are/were assessed. While an HOA may lien your property, to get you to pay them, they only do that because it's one of their only remedies... and usually a pretty good remedy!

I just about choked when I saw that payment. WOW

It was actually higher, but I figured I'd save $100 a month going to the Trustee by paying taxes and insurance ($1,000/month) myself.

[OneDay]

Ironically enough I check last week and the property card was not updated when we recieved the last HOA fees, I called the HOA manager to let them know we do not own the property and now the card has changed to the following:

SECRETARY HOUSING URBAN DEVELOPMENT
C/O MICHAELSON, CONNOR, & BOUL, INC
5312 BOLSA AV, STE 200
HUNTINGTON BEACH, CA 92649

[justbroke]

Very nice to hear.

[dunno]

So, if the HOA files a lien, doesn't the lien got with the property and owner?

for us: HOA fees due Jan and Jul, Liens filed for non-pmt of both with atty fees. I named both parties as secured creditors on my filing, since it was attached to the house via lien.

Will we still get billed????

[justbroke]

So, if the HOA files a lien, doesn't the lien got with the property and owner?

for us: HOA fees due Jan and Jul, Liens filed for non-pmt of both with atty fees. I named both parties as secured creditors on my filing, since it was attached to the house via lien.

Will we still get billed????

Yes, but let me qualify my answer. HOA Fees are secured debt and generally, you signed an HOA Rider when you completed your mortgage (closed your mortgage). This is recorded at the County Recorder/Tax office.

If you are surrendering the property, the HOA fees is discharged. The key is that the discharged amount is what's pre-petition... or up to the day you filed. After that, so long as the property is in your name, the HOA fees are your responsibility. It also depends on if the Bank decides to pay it, but they don't have to.

[Boscoe]

HOA fees stay with the property in some states but stay with the owner in others, such as in CA.

The condo I bk'd in FL had about $11k in condo fees that the bank paid off when the short sale was complete. From what I was told, the same thing would have happened if I did a deed in lieu or an outright foreclosure....

But in CA I believe the owner may have to pay.

[BK2008]

I think you are going to be responsible for those fees until after the foreclosure.
The condo is in your name up to the time it is deeded back to the bank.

Know what?? My HOA fees are due, and my house is scheduled for a foreclosure sale Dec 2nd. I called the HOA, told them the house was in foreclosure, and they told me NOT to pay the fees, the bank will pick them up!!

Wonder if it's true or not?? I guess we will see.

[justbroke]

Know what?? My HOA fees are due, and my house is scheduled for a foreclosure sale Dec 2nd. I called the HOA, told them the house was in foreclosure, and they told me NOT to pay the fees, the bank will pick them up!!

Wonder if it's true or not?? I guess we will see.

A foreclosure is different. When a bank forecloses and buys the property back (technically) in the foreclosure, they pay all past due taxes and assessments to get a clean title to the property. They do not have to pay the other mortgages though, but they will satisfy all the other liens on and against the property.

This is just natural for them, as they don't want any issues, like a tax deed sale, or some other lienholder foreclosing on THEM!

[BK2008]

A foreclosure is different. When a bank forecloses and buys the property back (technically) in the foreclosure, they pay all past due taxes and assessments to get a clean title to the property. They do not have to pay the other mortgages though, but they will satisfy all the other liens on and against the property.

This is just natural for them, as they don't want any issues, like a tax deed sale, or some other lienholder foreclosing on THEM!

What happens when I technically surrendered the home in BK Ch7, discharged in July, new HOA bill presented in October, sale of home thru FC in December??

Am I still responsible for the bill??

I don't trust my HOA as far as I can throw them, and don't want any issues after I'm gone: leaving no forwarding addresses, no forwarding phone numbers.