If you are a condominium association who is preparing to complete a lien foreclosure on a Unit, you are sure to have many questions about what to expect if you become the owner of the Unit through the foreclosure process. Should the Association rent, sell or hold the Unit and what are the risks associated with each? Should the Association pay the taxes? What about the mortgage? Should the Association deed the Unit to the mortgage company or start a quiet title action? What will/can our property manager help the Association do? These are all questions the Association will have to answer.
This white paper will walk you through your options, banish common misconceptions associated with foreclosure, and provide you the answers that will help you adequately prepare and make the best out of a bad situation.