What is going to happen if some one stop paying condo fee and mortgage ?

I have similar story, late paying my mortgage and the condo fee, the condo association send me letters through their lawyer. What could happen to me? The price is the condo is less than half what I paid for. the bank has not made any move, just phone calls. How the condo association could hurt me, is it court or colection egency. pls helpWhat is going to happen if some one stop paying condo fee and mortgage ?
Depends. They can file a lien, initiate foreclosure, send to collections.





Read your condo bylaws. They should have given you a copy.What is going to happen if some one stop paying condo fee and mortgage ?
Unfortunately, the decline in the condo's price has no bearing on the condo fees because the expenses have remain unchanged. As long as you own the condo, it is your legal obligation to pay the condo fees. If you do have financial difficulties (hopefully temporary), contact the condo association, and you may come to some arrangement.





Depending upon your condo's bylaws, the association may decide to fine you, and eventually place a lien on your property, preventing you from selling the condo until all outstanding amount has been paid. In addition, they may hire a collection agency to collect the amount even before placing the lien.
you condo fees are to the association and if you continue to not pay those fees they will probably take you to court to collect


if you are not paying your mortgage, in time the company will start action on you for lack of payment, resulting in foreclosure or repossession
You'll probably face eviction and foreclosure. You'll also probably have to go to court and your credit score will take a nose dive.
Condo = eviction.


Mortgage = foreclosure.
foreclosure


court


credit


--get your payments back in good condition; in 3-7 yrs the


condo will be worth MORE than your payments.