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HOA and bank are not in agreement on foreclosure of condo unit

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Question:

HOA and bank not in agreement on foreclosure of condo association unit 113014 resized 600

Our HOA holds the title and had foreclosed on one of the condo units in our association. The previous owner has been gone for about one year, and still owes the HOA $36,000 and the bank $75,000.

While the HOA has foreclosed, the bank has not and refuses to sell. The result is that the HOA is losing $6,000/year. What, if anything, can be done?


Answers (8)

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