Condo Associations foreclosing on units

By
Real Estate Agent with Coldwell Banker Sea Coast Advantage

Condo Associations

Have you ever heard of a condo association foreclosing on a condo and then buying it with dues of the owners?

We are having something like that going on here and I do not know who to go to for help.  I can't help but think that this is wrong.  Have rules changed....if they have, I feel that human decency has eluded us.

I have great concern for the folks that lost their unit even though they were trying to work out a payment schedule with the association.

Ginger

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Topic:
ActiveRain Community
Location:
North Carolina Bladen County White Oak
Groups:
Coastal Carolinas
Condominium Connection
Condo Specialists
Short Sale REALTORS®
Tags:
condo associations foreclosing on units
ginger harper agent in brunswick county
ginger harper real estate agent
ginger sells southport

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Rainmaker
1,074,992
Wallace S. Gibson, CPM
LandlordWhisperer
Gibson Management Group, Ltd.

Not WRONG and it is in the by-laws and CCR's of the documents and should be done by state law...it PROTECTS the other unit owners AND is subject to any first lien or mortgage. 

April 02, 2011 06:15 PM
Rainer
90,309
Maya Swamy
Ph.D. Long Beach, CA - fundsavailable.com
Funds Available

It is within the law and I may be wrong but I think in CAlifornia HOA liens and mechanics leans have precedence even over first lients. I would have to check to be sure.

April 02, 2011 06:44 PM
Rainmaker
338,026
Lloyd Binen
Silicon Valley R since 1976;408-565-8177
Certified Realty Services

Ginger,

The association needs some mechanism to get paid otherwise other owners risk losing services needed to keep the property in good repair.  The entire complex will fall into disrepair.  C.C. & R.s are a lien ahead of the first loan. 

California recently (2008, I think) made it more difficult for HOAs to foreclose, but they still can. 

April 02, 2011 07:36 PM
Rainmaker
141,910
Suzanne Taylor
Home Sales In Corpus Christi, TX
361-510-5413 http://www.CorpusChristiHomeFinderOnline.com

Ginger,

I was very curious to see what comments your would receive.  I own a condo which I use as rental property, I know they threaten to turn off the water to the unit if dues as not received on time, but have never heard of them doing anything else.  Now I need to check on that.  Very interesting.

April 07, 2011 11:29 PM
Anonymous
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Rainmaker
537,748

Ginger Harper

Your Southport~Oak Island Agent!
Is the Sun and Sand Calling YOU?
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