Priority of Liens—Evolving Rules for Condominiums and Lenders (NY)
Cooperative housing corporations have a first lien on the shares and appurtenant proprietary leases for co-op apartments. As a result, in the event of a foreclosure (whether initiated by the co-op to collect maintenance arrears or the holder of a share loan/mortgage on an apartment), the co-op will receive from the proceeds generated by the sale of the apartment the amount owed to it for unpaid maintenance charges before payment of any portion of the outstanding balance of the loan owed to the apartment owner’s lender. However, a condominium association (HOA), unlike a co-op, does not have a first lien for unpaid common charges on condominium units. Therefore, when a unit owner defaults on the payment of common charges and the mortgage on the unit, the HOA’s lien for common charges is junior to the “first mortgage of record against the premises.” Read the article…………….
This was an action to enforce restrictive covenants in a residential subdivision. Appellees built a retaining wall on a lot
In a recent, unpublished opinion, the Michigan Court of Appeals held that the transfer of a purchaser’s interest in property
Michigan Court of Appeals rules mortgagees responsible for condominium assessments from date of sheriff’s sale
In Wells Fargo Bank v. Country Place Condominium Association, the Michigan Court of Appeals addressed an issue of first impression