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What happens to condo owners that are paying their dues, but units go into foreclosure? We are a 12 unit condo building where 4 units are in foreclosure.
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We are a 40 unit association run by a volunteer board. We spent quite a bit of money with a lawyer regarding our FHA review and have finally received FHA approval again. Recently, our condo president was told that if a condo is repossessed, we can only ask for 0-6 months in assessment fees due to Freddie Mac/Fannie Mae guidelines. In the past we have been able to receive most of our money back, either from the bank or from the eventual individual buyer. Does anyone have any information regarding this? I sent emails to our lawyers but haven't heard anything and am sure they expect me to make an appointment and pay for their face-to-face consultation as well as their reply. I am hoping someone has researched this question. Thanks!
Prior to July 2007 to voluntarily terminate a condo association required 100% vote of owners. The law changed to now require only 80% vote to start termination which continues unless 10% of vote objects. This is now being applied retroactively & means that a big business bulk buyer can relatively easily force unit owners not in foreclosure or upside down on their mortgage to sell their units at rock bottom prices. They work with banks on mortgage forgiveness which is attractive to some. How did this law get passed? Were there objections to it? What can be done to prevent profiteering bulk buyers forcing unit owners to sell at rock bottom prices then aquiring all the units & turning the complex into apartments which are currently valued at 2-3 times the price of distressed condos? This has already happened in Orlando & Tampa (Arbors at Branch Creek , & is starting to happen at Lansbrook Village in Pinellas). How can unit owners who purchased their units prior to the law change be forced to sell under the new 80/10% rule? They purchased under the old 100% vote law.
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I am a Board President in a small 52 unit condominium development located in New Jersey. The court appointed a company to provide rent receivership services on a unit that is in foreclosure in the community. The Board did not approve the appointment and does not want to work with this particular vendor. She has since presented a bill for $750, which is completely arbitrary. She never presented a fee schedule and again, we did not sign a contract or agree to this process. Our attorney says to pay her or be sued. Does anyone have a similar experience and is this our only option? It seems like extortion to me and I am totally against paying her.
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