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Foreclosure By Condo Association

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by NJL1973, Dec 7, 2008.

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  1. NJL1973

    NJL1973 Law Topic Starter New Member

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    My jurisdiction is: Ohio

    Hello,

    I live in a condominium in the state of Ohio. The community is goverened by a board of directors which comprise the "Homeowners Association".

    Approximately one year ago, I started to fall behind in paying my association dues. In July, a lein was filed by the association for the amount of roughly $1500.00. I was planning to satisfy the lein and any subsequent arrearage, this month. Before I could, I was served notice of a complaint for foreclosure. The amount now being sought is $4000.00, which includes penalties and legal fees.

    Notice was served on 12/05/08, which leaves me 26 days to answer the complaint. While I am able to satisfy a portion of this debt, I do not believe I can render the entire amount owed before the expiration of the alloted time (28 days).

    I do not wish to lose the property and of course I want to protect my credit rating. I am also not opposed to filing chapter 13, as an absolute last resort.

    That being said, I pose the following questions:

    1.) In such a case, is it possible or common, for the Condo Association to agree to payment arrangements, prior to going to court? If so, is the complaint officially "dropped"?

    2.) If a settlement agreement is reached, does the foreclosure remain on record, damaging my credit rating?

    3). If, as a second to last resort (last being chapter 13), I wished to exercise my right of redemption, approximately much time might I have to acquire the funds necessary to stop the foreclosure?

    Thank you in advance for any advice you may be able to offer.
     

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