What is the law regarding an HOA judgement?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What is the law regarding an HOA judgement?

My previous HOA has a judgment against me for past dues. My condo has since been foreclosed on. I understand I am responsible for the judgment amount, however, I have a few questions about a few things I’ve been told by this shady HOA. 1. Is there a maximum interest rate they can charge annually on the judgment? 2. They’ve recently told me that there will be an additional $500-$800 added onto the judgment amount to satisfy it/close it out in court. Is there really a cost associated with closing out the judgment and if so am I really liable for that?

Asked on November 20, 2011 under Real Estate Law, Washington

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If there is a judgment against you personally for past due association fees before your condominium was foreclosed upon, the judgment is a valid judgment. Under the laws of each state in this country, the principal amount of a judgment typically bears interest on the unpaid balance at ten (10) per cent per annum until paid in full.

There are also some associated filing fees like the issuance and recording of an abstract of judgment that are also allowed to be tacked onto the judgment as well by state statute.

As far as a cost for closing out a judgment where it is then deemed paid in full, the only cost associated would be the final payment by the judgment creditor.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption