Liked on YouTube: Bankruptcy Attorney Cottonwood Heights Utah (801) 676-5507 HOA Fees in Bankruptcy
Bankruptcy Attorney Sandy Utah (801) 676-5507 HOA Fees in Bankruptcy
If you are looking to get out from underneath homes that are upside down in value file a Chapter 7 Bankruptcy. However, bankruptcy deals only with the debt, not the title or deed. When you surrender your home in chapter 7 bankruptcy case, you discharge (or get rid of) any responsibility on the mortgage, but your name is still on the title to the house.
If you are on title – then you are still liable to pay HOA dues and assessments.
Even if you are surrendering your home in chapter 7 bankruptcy, you are still personally liable for HOA dues and assessment that come due after the bankruptcy filing date. Since a bankruptcy does not remove your name from the title to the property, you are responsible for HOA dues and property upkeep.
It could be many months to many years before the lender forecloses. In the meantime, the HOA can pursue the owner of the property to get the HOA fees. Yes, you can be sued.
I’ve been told by a mortgage broker it can take 2 years to qualify for a mortgage after bankruptcy.
The best idea is for you to continue to live in the house as long as possible.
In most Utah chapter 7 bankruptcies in which a home is surrendered, the lenders foreclose relatively quickly, it is usually quick.
That’s why you should meet with attorney Michael Anderson fast 801-676-5507
Address: 8833 South Redwood Road, Suite C, West Jordan, Utah 84088
Remember, if you live in West Jordan, South Jordan, Salt Lake City, Herriman, Sandy, Midvale, Riverton, Draper, Copperton, Magna, Alpine, Lehi, Tooele, North Salt Lake, Bountiful, Woods Cross, Lindon, Centerville, Orem, Bluffdale, Park City, Farmington, Provo, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville we are here to assist you with your estate plan.
July 5, 2016 at 10:42PM
via, YouTube: http://youtu.be/l98Z6WmEpT4