Full question:
I have abandoned my home in FL. What are the laws re insurance, HOA fees, etc.? Should I officially notify anyone?
- Category: Real Property
- Subcategory: Foreclosure
- Date:
- State: Florida
Answer:
A property owner generally is liable for any property taxes due and the property is subject to a tax lien if not paid on time. A lien may also be placed on the property for overdue HOA fees. Any contractual obligations, such as mortgage payments, or a contractual obligation to insure the property (often required in a mortgage), will continue to exist until the terms of the contract are changed or voided. Failure to make payments due to creditors may result in foreclosure.
Prior to making a decision to file bankruptcy, each individual should first attempt to contact his or her creditors and determine whether it is possible to obtain their cooperation in working out a different payment schedule. Most people would be surprised to learn that creditors often are willing to make reasonable modifications to assist the debtor in repayment. Communication and honesty are the key words here. In exploring this option, the creditor should be honest and forthright with the creditor regarding one's financial situation.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
