October 19, 2011 (Press-News.org) Homeowners continue to feel the effects of the recession as banks drag their feet to foreclose on properties that have long been abandoned. While this does not normally cause an additional financial impact to homeowners -- especially those who have already filed bankruptcy -- some borrowers who previously paid homeowners association (HOA) fees will still be liable for these charges until the foreclosure is complete and the bank takes ownership of a property. Homeowners who experience this should consult a foreclosure and bankruptcy attorney.
Why Are Homeowners Liable for HOA Fees?
The cause of most homeowner liability for HOA fees -- even during or after the bankruptcy or foreclosure process -- leads back to the 2005 bankruptcy law changes. The law states that "as long as the debtor or trustee has a legal, equitable or possessory ownership interest" in his or her home, he or she is responsible for any HOA fees. So, as long as the foreclosure is still in process and the lender has not yet taken possession of a property, the HOA may continue to assess fees to the homeowner, who still has an ownership interest in the property.
How Long Do Foreclosures Take?
According to RealtyTrac, a real estate firm in California, the national average number of days that foreclosures take to complete has risen over the past few years. In the first quarter of 2007, foreclosures took about 151 days. In the first quarter of 2010, this number rose to 340 days and then climbed to 400 days in the first quarter of 2011. RealtyTrac cites the costs of owning the property that lenders must assume as the main reason for the increase in foreclosure delays.
What Can Homeowners Do?
It is imperative that you remain current on your HOA dues. If you cannot afford them, you need to meet with an experienced bankruptcy attorney.
In Arizona, for example, a bankruptcy can discharge, pre-petition, homeowners association dues. However, post-petition homeowner's dues, fees, and penalties (costs coming due after a bankruptcy is filed) are NOT dischargeable by the bankruptcy and will continue to accrue. For this reason, it is imperative that, even once a bankruptcy is filed, all homeowner association assessments be kept current post-petition until the home title has been transferred into someone else's name.
How Can a Foreclosure Attorney Help?
In many cases, outstanding HOA fees are rolled into a property's foreclosure sale and paid by the lender. When this is not the case, problems can arise for both previous and future owners of a property until the outstanding HOA fees are paid in full.
Regardless of which option default borrowers consider taking to resolve HOA issues, they should consult a local bankruptcy attorney with experience in foreclosure and real estate-related issues before acting. Bankruptcy attorneys know about the recent changes to bankruptcy laws and will be able to assess your unique case and which options would best fit within the current legal framework.
Article provided by Law Offices of Farnsworth Mortensen, PLLC
Visit us at www.azbk.com
HOA Fees Can Still Be Assessed After Foreclosure and Even After Bankruptcy
Homeowners continue to feel the effects of the recession as banks drag their feet to foreclose on properties that have long been abandoned.
2011-10-19
ELSE PRESS RELEASES FROM THIS DATE:
Researchers discover why steroid treatment for COPD is ineffective
2011-10-19
Chronic obstructive pulmonary disease (COPD) leads to persistent inflammation of the airways and is typically managed with corticosteroids, a class of anti-inflammatory medication. However, corticosteroids do not improve survival nor alter the progression of COPD and may reduce lung symptoms as little as 20 percent. A new study led by researchers at the Johns Hopkins Bloomberg School of Public Health, found why corticosteroids do not work well for COPD patients and how additional treatment with sulforaphane—an ingredient of broccoli and other vegetables—can improve the ...
NJ Status of Same-Sex Marriages, Domestic Partnerships and Civil Unions
2011-10-19
The law regarding same-sex couples and marital status is beginning to change rapidly in many parts of the country. New Jersey has been no exception.
In 2004, the New Jersey Legislature passed a domestic partnership law. In 2007, it enacted a law allowing civil unions. New Jersey also recognizes same-sex marriages performed out-of-state. Gay and lesbian couples in New Jersey today can choose whether to register their domestic partnership to receive some of the rights and obligations of marriage or apply for a civil union license to receive substantially all the rights ...
From tropics to poles: Study reveals diversity of life in soils
2011-10-19
Microscopic animals that live in soils are as diverse in the tropical forests of Costa Rica as they are in the arid grasslands of Kenya, or the tundra and boreal forests of Alaska and Sweden.
That conclusion is found in research results published today in the journal Proceedings of the National Academy of Sciences.
Scientists have generally accepted that a wider range of species can be found above ground at the equator than at the Earth's poles.
But this study proves for the first time that the same rules don't apply to the nematodes, mites and springtails living ...
Columbia SC Hotel Provides Nearby Lodging to The American Institute of Architects South Carolina Chapter 2011 Conference
2011-10-19
The Hilton Garden Inn Hotel in Columbia SC (Northeast) offers convenient lodging to architects attending the AIASC 2011 Fall Conference. The event will take place October 20-22 at the Columbia Metropolitan Convention Center. The conference is open to members of the American Institute of Architects - South Carolina Chapter. The group is comprised of over 900 people including licensed architects, emerging professionals and allied partners who are committed to excellence in design and livability for South Carolina's buildings and communities.
The AIASC Conference workshop ...
Fatal crashes in the US: Fewer Canadian drivers under the influence
2011-10-19
A new study by researchers at the Johns Hopkins Center for Injury Research and Policy and Columbia University finds alcohol-related fatal motor vehicle crashes in the U.S. are much lower among drivers with Canadian licenses than drivers with U.S. or Mexican licenses. The prevalence of alcohol involvement in fatal crashes was 27 percent for both U.S. and Mexican drivers, and 11 percent for Canadian drivers. Similarly, alcohol impairment was found in 23 percent of U.S. and Mexican drivers and 8 percent of Canadian drivers involved in a fatal crash. Research from other countries ...
Leading ATL Airport Hotel Offers Great Rates for Government Employees
2011-10-19
The Hampton Inn & Suites Atlanta Airport Hotel (North I-85) is offering special savings rates for government and military employees to enjoy. Guests with a valid Government ID are eligible to receive great rates. As always, hotel guests will enjoy:
- Complimentary hot breakfast
- Free high-speed Internet access
- Clean & fresh Hampton bed
The capital of Georgia, Atlanta is home to many state government organizations, various international embassies and consulates, and the Federal Reverse Bank of Atlanta. In addition, Atlanta is located approximately 90 miles ...
Whether we know it or not, we can 'see' through 1 eye at a time
2011-10-19
Although portions of the visible world come in through one eye only, the brain instantaneously takes all that information and creates a coherent image. As far as we know, we "see" with both eyes at once. Now a new study suggests that the brain may know which eye is receiving information—and can turn around and tell that eye to work even harder.
"We have demonstrated for the first time that you can pay attention through one eye, even when you have no idea where the image is coming from," says Peng Zhang, who conducted the study with University of Minnesota colleagues Yi ...
Forgetting is part of remembering
2011-10-19
It's time for forgetting to get some respect, says Ben Storm, author of a new article on memory in Current Directions in Psychological Science, a journal of the Association for Psychological Science. "We need to rethink how we're talking about forgetting and realize that under some conditions it actually does play an important role in the function of memory," says Storm, who is a professor at the University of Illinois at Chicago.
"Memory is difficult. Thinking is difficult," Storm says. Memories and associations accumulate rapidly. "These things could completely overrun ...
Expanding HIV treatment for discordant couples could significantly reduce global HIV epidemic
2011-10-19
October 17, 2011—A new study uses a mathematical model to predict the potential impact of expanding treatment to discordant couples on controlling the global HIV epidemic-- in these couples one partner has HIV infection and the other does not. The research conducted at ICAP at Columbia University's Mailman School of Public Health and the Semel Institute of Neuroscience and Human Behavior at University of California in Los Angeles (UCLA) is the first to predict the effect of the expansion of such treatment in couples on the HIV epidemic in certain African countries.
In ...
Boots Treat Street Launches New Trolley Dash App on Android and iPhone OS
2011-10-19
Boots Treat Street shoppers can now download the new fun, free Trolley Dash app game, available to download from the Apple Store and the Android Market.
Dave Robinson, Head of Partnership Marketing at Boots UK, commented: "We're delighted to launch Boots first web app and provide Advantage Card holders with a fun way to find out more about the Boots Treat Street shopping portal. We know our customers enjoy shopping and we're sure they'll enjoying playing with our app too."
Users can take a stroll down the pretty pastel coloured street, passing favourite ...
LAST 30 PRESS RELEASES:
ACP’s Best Practice Advice addresses use of cannabis, cannabinoids for chronic noncancer pain
Beyond photorespiration: A systematic approach to unlocking enhanced plant productivity
How a small number of mutations can fuel outbreaks of western equine encephalitis virus
Exposure to wildfire smoke linked with worsening mental health conditions
Research uncovers hidden spread of one of the most common hospital-associated infections
Many older adults send their doctors portal messages, but who pays?
Fine particulate matter from 2020 California wildfires and mental health–related emergency department visits
Gender inequity in institutional leadership roles in US academic medical centers
Pancreatic cells ‘remember’ epigenetic precancerous marks without genetic sequence mutations
Rare combination of ovarian tumors found in one patient
AI-driven clinical recommendations may aid physician decision making to improve quality of care
Artificial intelligence has potential to aid physician decisions during virtual urgent care
ACP and Annals of Internal Medicine present breaking scientific news at ACP’s Internal Medicine Meeting 2025
New study reveals polymers with flawed fillers boost heat transfer in plastics
Signs identified that precede sudden arrhythmic death syndrome in young people
Discovery of bacteria's defence against viruses becomes a piece of the puzzle against resistance
Pre-eclampsia is associated with earlier onset and higher incidence of cardiovascular risk factors
Warwick astronomers discover doomed pair of spiralling stars on our cosmic doorstep
Soil conditions significantly increase rainfall in world’s megastorm hotspots
NK cells complexed with bispecific antibody yield high response rates in patients with lymphoma
Planetary health diet and mediterranean diet associated with similar survival and sustainability benefits
Singapore launches national standard to validate antimicrobial disinfectant products
Molecular stool test could improve detection of tuberculosis in adults with HIV
Suspected fibrocartilaginous embolus in Asian small-clawed otter (Aonyx cinereus)
Enhancing heat transfer using the turbulent flow of viscoelastic fluids
Exercise as an anti-ageing intervention to avoid detrimental impact of mental fatigue
UMass Amherst Nursing Professor Emerita honored as ‘Living Legend’
New guidelines aim to improve cystic fibrosis screening
Picky eaters by day, buffet by night: Butterfly, moth diets sync to plant aromas
Pennington Biomedical’s Dr. Leanne Redman honored with the E. V. McCollum Award from the American Society for Nutrition
[Press-News.org] HOA Fees Can Still Be Assessed After Foreclosure and Even After BankruptcyHomeowners continue to feel the effects of the recession as banks drag their feet to foreclose on properties that have long been abandoned.