Short Sales and Community Associations
A short sale is a common alternative to foreclosure when a delinquent owner owes lien holders on the property more money than the property is actually worth. A short sale can occur prior to the filing of a foreclosure action, but it is still a frequently used alternative to a sheriff’s sale in a pending foreclosure. In a short sale, each lien holder must agree to accept less than what the seller owes and agree to release all liens on the property in order to allow the sale. Read the article……………
If you are a new member of your community association board of directors, you are in for an educational experience.
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