Encouraging Lenders to Foreclose: Don’t let your Condominium and HOA units sit vacant without collecting assessments

Even though the real estate market is gradually improving, condominium and homeowner communities are still faced with instances where a delinquent member abandons their unit/home and stops mortgage payments, but the lender does not foreclose. While condominium associations often believe they are “stuck” in these types of situations as the unit/home owner is uncollectable, and the lender will not foreclose, it is possible for the association to file a complaint with the Consumer Financial Protection Bureau (“CFPB”) to encourage a lender to foreclose.   Read the article…………..


Related Articles

Should You Become a Board Member?

If you live in a community with an HOA, you may be considering joining the board to help improve the

Winter Preparation

Although temperatures are yet to seriously plummet, chilly mornings promise that frigid temperatures are on the way. To prepare for

A Preventative Maintenance Plan for Your High-Rise Community

Creating and executing a comprehensive preventative maintenance plan for your high-rise community should be a top priority for your board, residents and property management company alike.