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…………..
Section 11-114 of the Maryland Condominium Act provides that Condominium Associations must maintain property insurance on the entire condominium including
Clear communication with HOA residents is the cornerstone of a successful HOA, and there are many communication options available. In
Despite taking every possible precaution and being on top of your building’s financial activity, there may still come a time