This is a classic story of “you snooze, you lose”. A Brooklyn condo board at 442 St. Marks Avenue Condominium fought hard to collect over $88,000 in arrears from a unit owner. In the end, after a long fight, the board gets to keep $49,000 in a good faith deposit by a purchaser at the foreclosure auction who bought without doing its due diligence (recognizing that there was a prior lien of record which would not be extinguished by the foreclosure; in other words, the buyer was buying the property with the bank’s first mortgage on the property – not a good deal), and then waiting over 6 months to challenge the sale because the condo’s representatives didn’t follow the foreclosure rules. At least the condo walked away with some money for all its efforts. The lesson from this case for condos is make sure you follow the rules and sometimes if you don’t, if your adversary snoozes, he may lose so that you win a little. Read the article…………………………
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