What is the law regarding an HOA judgement?
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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 13 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.
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