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1/24/2013 - Anonymous Speak Up - Association Foreclosures

An anonymous writer recently asked why the townhome and condo associations are buying units at auction.

The answer is that by statute and our docs, both the townhome and condo associations have liens on all of the units and in the event that homeowners do not pay their monthly maintenance fees, the associations can and do foreclose on these units causing them to be sold at auction. When this happens, if the association is the winning bidder, the association ends up taking title to the property.

The key point to understand here is that whether the association or a third party takes title at the auction, the property still belongs to the bank, which will eventually foreclose on the property and sell it. In the meantime whoever has the title is free to lease the property, which is what the association and winning third party auction bidders are doing here at Green Cay Village.

Alas, all of this would not be necessary if homeowners paid their monthly maintenance fees or if banks foreclosed on homeowners in a timely matter. But absent this responsible behavior on the part of some homeowners and most banks, the associations are taking the lead in foreclosing on units toward insuring that the monthly maintenance fees owed are recovered.

Peter Schulz - Editor - Email TCM

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