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Developer turns association funds over to bank in foreclosure move

| Fees, Foreclosures, Delinquencies & Collections |  


Question:

Our developer has turned our property over to the bank with a "DEED IN LIEU OF FORECLOSURE" at that time he owed the association $9,873. Does the Association have recourse against the bank to recoup those funds. We are a small community of 56 units and are looking at a major repair bill, because the developer opted to install rebuild equipment. Anyone in the same situation?


Answers (3)

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