Condo’s Take On Lenders
This should come as no surprise but condo Boards are going after past due condo dues.
“As more condominium owners default on home loans, the amount of unpaid dues owed to condo associations is piling up. To collect the arrears, some condo boards have begun foreclosures on units already seized by banks. Banks that hold or service mortgages on which homeowners have defaulted don’t owe condo dues until the bank takes title of a property. In Florida, where judges must rule on foreclosures, it can take 18 months or longer from the time a homeowner stops making mortgage payments.”