Foreclosed properties stiffing homeowner, condo associations: "An ironic twist on the foreclosure problem: What if the banks that repossess all those houses and condos for non-payment are none-too-strict about making their homeowner and condo association payments?
That seems to be a widespread problem in Florida, according to a survey of associations released this week. Here's a snippet:
Nearly two-thirds of survey participants said that banks and mortgage lenders now holding title to the foreclosed units or homes currently are not meeting their legal obligation to pay fees or other assessments owing to the association"
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So I guess the association has to foreclose on the bank that foreclosed on the owner?
1 comment:
Perhaps well see a new class of distress property emerge out of this mess: AOPs (Association Owned Properties) :)
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