Condo Association Management Blog

Condo assocation wants to rents out foreclosed units for income

Posted on Tue, Jul 12, 2011 @ 10:04 AM

Our Condo Association has 16 vacant units that are in foreclosure and the owners owe the association substantial sums of money. The Association has liens on the units in question. The owners have just moved out and no longer care for the units. The mortgage foreclosure process is taking 1 to 2 years. The Board wants to get written permission from the absent owners to rent their units and apply the rent toward their debt to the Association. What is the downside to this proposal?

Tags: Florida, Finance