What happens with homeowner’s associations when condos foreclose?
orazorca asked:
Are people still live there of course to catch the slack? Or anyone any money should be buying for the home owners behind 'association fees? If either is the case, it seems as horizontal properties in cities with many executions of a mortgage would be nearly impossible to sell, and it seems like a problem for other people who aren 't that excludes properties flat.
February 9th, 2009 at 12:11 pm
The mortgage the remaining unit holders to the back condo association might not sold for say 300k to have first charge on condo association would get the bank holding the condo that unit would be sold then the remaining unit would get the 2000 in back dues most do but you are not have enough units go into foreclosure.