FEMA Hold On, They Aren’t Going for the Home

For community associations, when an owner goes into foreclosure, the best-case scenario is that the bank or mortgagee moves the property swiftly through the foreclosure process, and a new owner then takes possession and begins paying the assessments as they come due. In the absolute best cases, the foreclosure process will take around a year; in the worst case, the foreclosure can take two years or more, during which time the owner is unlikely to be paying his or her assessments, and the association is experiencing the corresponding budget shortfall. However, these timeframes are lately being unnecessarily and improperly extended in some instances, due to the so-called “FEMA hold.”    Read the article…………….

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