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……………


Related Articles

You Need to Keep Logs of When You Shovel Snow and Ice! Here’s Why

The condo board at the Village Mall at Hillcrest Condominium, in Queens, thought it was doing everything it had to

Keeping Your Community on Track During the Holiday Season

Holidays can be a lot of fun when you live in a planned community, condo or co-op. But when you

Raising a Family in a High-Rise – How Communities are Making it Easier

today, thanks to a Millennial generation that doesn’t want to commute from the ‘burbs, more and more high-rises are actively courting families as residents.