Mortgagee's liability to HOA in event of Quit-Claim?
Greetings BP!
Thought I would turn to the wisdom and experience of the board in getting some pre-advice before talking to my attorney more.
This concerns a property here in Florida (Dade).
Quick rundown is we are the lender on the property, the deed is in/mortgagor is a dissolved LLC. The individual who ran the LLC has agreed in principle to quit-claim the deed back to us, which I understand can still be done despite the dissolution.
Now there is a pending judicial sale for back HOA dues and interest, that the HOA got in judgement against the now-dissolved LLC for a rather astronomical amount.
If the property can be deeded back to us, would we be bound be the terms and outcome of the HOA judgement/judicial sale? Or would we protected under the Florida statute which limits the liability of the mortgagee to the lesser of 1% of the mortgage or 12 months of HOA fees?
I think that pretty much lays it out, so wondering if anyone has seen or come across this particular scenario?
Any information is appreciated!
Trent