Condo Wants To Foreclose Due To Back Fees

[expo]

I am pretty far behind in my association fees. We were behind in our bills and decided to sell our unit. The condo market in florida is dead and it sat on the market for a year before we pulled it.

We offered a payment plan to the association that would have taken a while to pay off but they rejected it and offered a three month payment plan or they would begin foreclosure.

We could make the first payment pulling the last of our money from a heloc but that would be it.

We could put our house on the market for firesale price and that would be the new comparable in this small association since there has not been a sale in so long but I don't know if that is threat enough for the board to stop this.

I know they have the legal right to foreclose but is it likely that a judge would foreclose when we are offering a payment plan? Do you have any advise to slow the process? Is there anything I could do?

Thanks

[Mr. Knowitall]

They don't have to offer you a payment plan, and if they have a legal right to foreclose their refusal of a payment plan won't prevent foreclosure. Consider getting a small second mortgage to pay off the condo fees.

[cwjr1835]

I could be in a similar situation, does anyone know where the the Condo Assoc sits w/r/t priority on property in comparison to the lenders? I have a 1st and 2nd mortgage. Would the Condo Assoc. have to buy out the lenders in order to foreclose?

If they do have to buy out lenders can Assoc. still come after me for deficiency if they auction property for less than what they paid to my lenders?

[aaron]

Laws are different in each state. Please start a new thread, and identify your state.