I own a condo unit in a small 22 unit association. We have 6 non paying units, all have liens on them. According to the legal firm we used via our property manager, three units are in foreclosure, but not completely foreclosed upon by the banks, therefore we receive no maintenance fees from the owners nor the banks. The legal team wants money to push the banks to foreclose on the properties, money we don't have. So we are stuck between a rock and a hard place. I'm sure we are not the only association to be dealing with this issue. We would love to get the units foreclosed on and sold so we could get paying owners in them. Any thoughts of how we can push this further? Haven't found this specifically mentioned here, unless I'm just missing the category.
