Condo Association Management Blog

If you are not behind then they shouldn't know anything about your personal finances. The finance institutionay at some point inquire as to your status but unless the association reads a public notice you should be safe from discovery

I is my understanding, that unless you say something, then no-one will know a thing until papers are filed in Court. Then the Board will only be notified if you are in arrears with them or someone reads the filing in the newspaper legals.

Depending on by laws u might have to disclose foreclosures. If not and u are current on condo fees the board will not know until filed. Just because its legal doesn't make it ethical. If that's your plane is to get foreclosed u should at least notify the property mgr. I would go to daveramsey.com before you foreclose. Maybe u can rent or sell it. Even at a loss its better than having a foreclosure. God bless.

I would like to hear more about this topic. We have a large number of owners, and, although there are only a few that we know about, I keep wondering if there are others.  
Ellen 

I find it ironic that our Board President/Treasurer,Yes, he was appointed to both positions, is in bankruptcy. Not only that, we just found out our elections were held incorrectly and his term was up this year. He is still in office while we wait for our Condo Association to hold the elections correctly. This is in NJ, probably one of the worst states to own a condo.

Correction, he is in foreclosure, not bankruptcy

1. If foreclosure is initiated by management on behalf of the board due to non-payment of fees, then of course they know about it. 
 
2. If foreclosure is initiated by a bank or other lending institution, the management will find out when the lawyer representing the lender formally requests a status and disclosure certificate from the management company. In this case, the management should not notify the board about an owner's private financial issues. If the board is aware that the bank is foreclosing on your unit, your privacy has been violated. 
 

If you are in mortgage foreclosure, the mortgage company is required to notify the Resident Agent of your Condominium community, per Michigan Public Act No. 379, because the Association has an interest in your property.  
 
Therefore, even if you are paying your monthly dues, the Association will still be notified of your pending mortgage foreclosure sale.

I bought a condo in an 8 unit buiding in Florida 5 months ago, The units were all sold shortly after the conversion from apartments to condos in 2006. At that time, they sold for about 200k I purchased my unit as short sale for 57,500. I have tried reaching out to the developer controlled board from day one, only to get an inadequate answers, filled with hostility, as if it is non of my bussiness to ask. I would like to know if it is the boards responsibility to force the banks to speed up the foreclosure process to get these units sold. currently there are 4 units that no one is paying mortgage or hoa fees. this has been the case for over two years. also, I still am unable to get an answer as to why the units were never turned over to the homeowners after they were all sold. The only thing I can think is that the new owners lost good standing by not paying their mortgage or hoas before the turnover took place. Is there an an advantage to the developer to not turn over the units? Once again it is a small buiding with very little overhead,no elevators, pool, parking. Also, I have repeatedly requested that they update me on a regular basis, but they don't. no meetings, no financial info, no plan of action.  
 
Thank you, any advise would be greatly appreciated. The condo Board President is Abraham Chechebar of Best Beach In Miami.

How does one find out when foreclosure proceedings have begun? Our manager's daughters, mother-in-law supposedly has a unit in our building in foreclosure. He did not put a lien on the unit and did not notify the bod. Supposedly it is now not in foreclosure and is not in arrears. We think he is covering something up. How do we find out?

check the county website for lis pendis by the lender

Here in Michigan, we receive a notice of foreclosure as soon as a Sheriff sale is scheduled, none sooner. It doesn't mean that the sale will go through, as the co-owner still has the chance to get "caught up" and keep the place. At that point, if they do keep it, they probably had their dues paid up too, as they prob. refinanced and the mortgage co. prob. required it.