Amenity fee on foreclosed homes
 

What happens if someone's home is foreclosed or they just quit paying their amenity fee? Does it get tacked on as a lien on the property? I don't live in TV yet (and may never if the housing market doesn't pick up), but was wondering if that happened a lot, do they raise everyone elses to cover the shortfall?

A condo association places a lien against the property. I don't know what is done at TV, but am pretty sure that they will get the money eventually.

Edit: Just talked to a condo board member. Yes, they can place a lien, but as someone else wrote, the condo association is at the bottom of the distribution chain and may not get any money.

That question has come up in our condo association in Marco Island and I didn't like the answer that was going around. I was told that in Florida the bank or lender only has to pay 1% of the condo fee!

I don't know how the board is covering the monthly losses or if they can be recovered upon the sale of the unit.

Does anyone know the the Florida law on this matter?

If I am not mistaken the association (condo, homeowners, or The Villages) has an opportunity to anwser the courts for the claim, but they are more than likely not going to see much if any of the money.


an article from Tampa
http://www2.tbo.com/content/2008/sep...bors-pay-more/

an article from Orlando
http://www.wftv.com/news/14968853/detail.html

I have purchased numerous foreclosures in Maryland. I would ASSUME it would be the same here. The bank that now owns the foreclosed property is responsible for the expenses ( taxes, amenity fees, etc ) so that the property can be sold to the new buyer with clear title. Usually the only guarantee you receive with a foreclosed property is that it will have free and clear title.

This should , however have no significance in buying in TV. According to Realty Trac ( a company that specializes in providing info on foreclosures ) there are 2 bank owned and 1 auction properties currently in zip code 32162. Three homes out of what 30k ?????? is probably one of the best records in the country.

jeffy

Foreclosures
 

Good and heartening info but the Villages has Several zip codes! I wonder what the overall numbers are?

Foreclosure
 

It is a cost to the seller and will be paid upon closing

32162 is the newest/newer South of 466 Villages. I am guessing that there are or have been very few foreclosures prior to this financial debaucle. Most people pay outright for homes here and many others just keep small mortgages. With what is left, you do have a chance for foreclosures and I have known of only one in my three years here.

I have also known of a few cases where the Villages (guess the developer/family) "repossessed" homes and took back ownership when folks were "buying up" and could not sell the prior Village home.

I would not be overly concerned about the amenities since we now have 70,000 homes and will have 110,000 when the entire Villages is constructed. However, I am sure there are provisions for this in that very large book we all got at closing.

I live on the extreme northern end of The Villages almost to RT. 42 and my zip code is 32162.

no fees ????
 

Your Villages ID card has a bar code on it , If your amenity fees are not paid they simply hit a button on the master computer and you no longer have access to anything in THE VILLAGES.... No golf. no tennis , no pools , no entry into rec. centers etc, etc, as Monty Python says "you are a non parrot, you have ceased to be".

Bone voyogie fumar :22yikes:

Fees
 

Condo, Time Sh., Association fees are not Amenity Fees. Condo and Association fee losses can and are recovered and any loss are payed by all owners of the Condo or Association ie someone has not payed the Cable bill etc. so you would pay someones bills or part of roof repairs, Maint etc

In TV you pay a Amenity Fee to go to the Pool, Rec Center, Golf etc but you do not owne them only pay to go to them by Deed

Sgt Mac

I know of 1 foreclosure and the house has been sitting vacant for 17 months and is an eyesore. :(

I assume that the word 'amenity' says it all. It is a monthly fee to cover 'amenities'. If you don't pay you can't use!

I can't imagine that a new owner would be required to pay for back amenity fees like they would for back taxes etc.

I do not believe the villages would allow you to chose not to pay the amenity fee and the only consequence would be that you could not use the amenities. If that were the case then there would probably be many people that dont golf or use the facilities who would opt out.

I also do not believe that a new OWNER would be required to pay anything, however I would assume the villages would put a lien on the property that would have to be paid before the seller ( or mortgage company) would be able to deliver a clear title.

jeffy

That's probably correct Jeff. I think my point was that the seller, and not the buyer, would have to make good before the deal could go through.