Can You Avoid a Condo Or-HOA Bond?

If you are a homeowner and owe unpaid association assessments, you may wonder if you can avoid a condo or-hoa bond lien. This lien has the same effect as a judicial lien if the debtor was sued personally. However, there are certain situations where the debtor can avoid this lien. First, if the debtor moves out of the condo or loses the property to foreclosure, the lien may still bind him to the condo or-hoa dues. Second, if a foreclosure sale is imminent, you can wait to sell your property to minimize your exposure. Go here – https://www.scura.com/blog/can-a-debtor-avoid-a-condo-or-hoa-lien-in-chapter-7-bankruptcy

Here Are Some Things To Keep In Mind

The mechanics of HOA foreclosures depend on the state law. In some states, a condo association lien is considered “judicial foreclosure.” In other states, it is known as a “nonjudicial foreclosure.” In either case, the HOA forecloses on the property without a court order. In a nonjudicial foreclosure, the debtor can avoid the lien by paying the debt. The lien is valid for a certain amount of time.

In other situations, a debtor can avoid a condo or-hoa bond by filing for bankruptcy. There are two ways to file for bankruptcy. First, you need to be clear on the purpose of bankruptcy. Second, you should know the legal process in your state. There are many laws regarding bankruptcy, but you should know the rules before filing for it. If you do not understand the law, you can always ask for legal help.

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