There is a "Claim of Lien:" since 11/6/2013 .I am still paying the mortgage and the taxes, both are current. I claim Homestead Exemption on the condo.
If it is recommended to file bankruptcy for the amount I owe, My intention is to bring my account current and keep paying the monthly maintenance, now that I early retired (63 yrs old), could you please advise me the right approach
The amount I owe is $9,000, I sent a letter to the attorneys that represent the Association proposing a workable plan to repay what I owe, but they rejected
Due to illness and hardship have to force to an early retirement on October 2013
The only ways to stop it are to:
- pay it
- work out a payment plan with the association
- propose a repayment plan in a Chapter 13 case (this assumes it is too large to handle any other way)
-discharge the debt and strip the lien in a bankruptcy
Many people don't realize that associations can and do foreclose their liens, and when they do, you lose your property if they do it properly. You should retain counsel right away to evaluate which of the above options are feasible for your particular situation, as if you get it wrong, you risk losing your condo. The problem is manageable, but you need help in deciding which option will best suit your situation.
You did not say why you let this fall behind. In any event, I have the same advice - pay it either in full or in installments.
I have previously called the association rights to foreclosure the "flea that killed the dog". The association is just as important as the mortgage, and just because the amounts are much smaller than the mortgage payments does not decrease the importance of paying it.
From what you're describing, there's a claim of lien, but the association has not filed a foreclosure action to foreclose the lien. You should speak to a bankruptcy attorney about your options (bankruptcy attorneys are usually versed in bankruptcy alternatives, as well).
Unfortunately financial hardship and health problems are not a defense to non-payment of assessments. Ms. Golant provided excellent advice. The association can only go back five years from the date of the lien. If the association will not accept a payment plan, consider bankruptcy to save the home.
The condo association can foreclose on the lien the same as a bank. It is very important that you discuss settling with them and see If they will negotiate the sums due. Unless you are trying to short sale in which case your lender or buyer would typically pick up the sums due. But you still need to answer the foreclosure complaint. Speak to a real estate attorney to assist you
