For those not yet introduced to the phrase “statutory safe harbor,” in the context of community associations, it limits the past due assessment liability of a first mortgagee, along with its successor or assignee of the mortgage to who acquires a condominium unit or a HOA parcel as a result of foreclosure of its first mortgage or by deed in lieu of foreclosure, to the lesser of one percent (1%) of the original mortgage debt or the unpaid assessments that accrued during the 12 months before the first mortgagee, its successor or assignee, obtained title. A number of cases regarding the application of the statutory safe harbor have been decided with the past few years regarding the extent and reach of statutory safe harbor, most of which have benefited the lender or its successor or assignee of the mortgage.    Read the article……………