And Your Association Thought Foreclosure Was Bad? The Consequences of Tax Sales & Tax Deeds For Community Associations (FL)

It is a scenario familiar to every association: an owner falls behind on his or her assessments and doesn’t get current, and the association initiates the lien recordation and foreclosure process. However, before the association can foreclose its lien and move the property to foreclosure sale, the mortgagee of the property files suit to foreclose its mortgage lien. Then, when the mortgagee moves the property to foreclosure sale, no one purchases it, and the association is left high and dry, collecting only the safe harbor amount due by the mortgagee, a mere fraction of the outstanding assessment balance. Many associations usually view this as the worst-case scenario for collection of unpaid assessments.   Read the article…………..


Related Articles

Nielsen introduces drought relief legislation for homeowner association communities (CA)

For residents living in communities governed by homeowner associations, this means that they could be caught between breaking the water

South Carolina senators Rankin, Jackson prefile bills aimed at regulating HOAs

After taking testimony across the state from homeowners frustrated by their homeowners associations, state lawmakers have filed separate bills aimed

Management Company Transparency Bill Signed Into Law (CO)

On April 18th, Governor Hickenlooper signed HB 1254 into law. The bill addresses the disclosure of fees charged to HOAs