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…………..
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