Foreclosure by the Home owners association?
Can anyone tell me what is happening here. I understand that the owner has not payed the dues, and most likely no mortage payment has been made either, so what happened to the lender?I See this type of thing alot, can anyone explain.
This is becoming more prevalent in foreclosure actions in an attempt for associations to recover their past due debts. I would suggest reading http://www.ccfj.net/forecltampa2x.html#Unpaid. This case set some serious precedence in this area.
In this type of action all senior lien holders must be paid as well.
When purchasing this type of foreclosure one needs to investigate the subject properties background and know who the senior lenders are and the owners background as in the case above the purchaser could wind up wasting time.
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