Filing for bankruptcy, or being in foreclosure does
not stop the accumulation of homeowner's condo
association fees, according to an article in The Tennessean paper today.
Some Middle Tenessee flood victims, whose condos were flooded and made unlivable, saw no other option than to file for bankruptcy and let the bank take back their property. But they and some attorneys have been surprised to learn they can't escape homeowners association fees even if they are in foreclosure or bankruptcy. They keep accumulating.
This is part of the 2005 bankruptcy law, making association fees ineligible to be discharged by bankruptcy.
Read more.
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Sarah & John,
I read your post and first I thought that it just can't be so, and then I read the article, and OMG, I had no clue
Thanks for this very valuable information
May 17, 2011 03:16 PM
Rainmaker
251,875
251,875
Sarah Rummage
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