Staying the Course During Delinquencies Why Community Associations Should Consider Foreclosure

 Following the nationwide mortgage crisis, there is a lot of concern across the  country about communities being faced with the prospect of foreclosure. Many  states have enacted legislation relating to how to handle properties in  arrears, what should happen to delinquent units and even to penalizing owners  that have fallen behind in their payments.  

 Community associations suffering from the consequences of owners not paying  their maintenance fees are now being faced with a new dilemma:  

 Deciding whether to foreclose on units with delinquent balances, or; Waiting  patiently for financial institutions holding mortgages on delinquent units to  foreclose.  

 The Question of Vengeance Foreclosures

 Recently, some have questioned boards that take action to foreclose on these  delinquent units, maintaining that they are acting out of vengeance. We ask, since when has a corporate board been criticized for properly exercising  its fiduciary responsibility to its members?  

Read More...

Related Articles

Oilman's Penthouse Back on Sale After Avoiding Foreclosure

The Condo Can Be Yours at the Discount Price of $39M

Underlying Mortgage Refi

The Challenges of Financing in Small Co-ops and Condos

Underlying Permanent Mortgages

A Vital Concept, Explained

The Lending Landscape

The State of Co-op and Condo Financing

Financing Underlying Co-op Mortgages in the Current Market

Seminar - The Cooperator Expo New York

Rising Rates & Underlying Mortgages - What Your Co-Op Needs to Know

Seminar - The Cooperator Expo New York