So I figured I would share this with everyone see if anyone has any experience with this and provide insight:
Backstory, foreclosed on a condo in florida which the original mortgage was only $31k. HOA fees are $350/month but there are 3 HOA's. I asked my attorney (who did not file a motion to determine amounts how much I ow) and he was completely clueless to what the answer was (no surprise honestly).
Anyone @wayne brooks have any comment
Fl. Statute 720.3085 (c)(2),
Short version - 1% of mortgage amt. Just had to do one myself.
@Chris Seveney Well, the safe harbor limits the lender to owing the 1% of the original mtg or 12 mo.s (I think 6 mo.s for condos) of dues, whichever is less, which I assume you know.
I have no experience on the safe harbor with multiple hoa’s but my assumption would be you’d owe the $310 to each one, as they are separate entities.
As an aside, not that I do actual foreclosures of course, I have never noticed a motion for determination of required hoa fees. Again, my assumption is it’s not necessary since it is spelled out in the statute.
Its 1% if assoc was named and lis pendens was recorded. I had foreclosed one unit that had $17k condo lien and paid 1% ater FC. Assoc did not want to accept but we filed a motion to determine and judge ordered that assoc is owed 1%. Lien was wiped out by an order.
@Roman M. How many HOA's were there?
Question on this is what to do with multiple HOA's