6th Circuit Bankruptcy Panel Rules that Condo Association May Reschedule Pre-Petition Foreclosure
Federal 6th Circuit Bankruptcy Panel issues favorable ruling for foreclosing on condominium liens.
Encouraging Lenders to Foreclose: Don’t Let Your Condominium and HOA Units Sit Vacant Without Collecting Assessments
Even though the real estate market is gradually improving, condominium and homeowner communities are still faced with instances where a delinquent member abandons their condominium unit and stops mortgage payments, but the lender does not foreclose. While condominium associations often believe they are “stuck” in
A Co-owner Filed Bankruptcy, What Now?
Condominium associations are solely dependent upon the collection of assessments from their members for their survival and to purchase and provide the goods and services necessary for the maintenance of the project for the benefit of its members. Thus, when a Co-owner files for bankruptcy,
Michigan Court of Appeals Rules that Condominium Association is Not Entitled to Notice of Surplus Funds From Foreclosure Sale
In Moon Lake Condominium Association v RBS Citizens, Case No. 323476 (Michigan Court of Appeals, November 12, 2015, unpublished), the Michigan Court of Appeals held that junior lienholders, such as condominium associations, are not entitled to notice that surplus funds were collected from a foreclosure
Which Type of Foreclosure, Judicial or Advertisement, is Best for Your Community Association?
Introduction Community associations are often faced with the challenge of collecting unpaid assessments from delinquent owners. Initial collection efforts typically involve sending demand letters, suspending recreational facility privileges (if permitted by the documents), and suspending voting privileges (if permitted by the documents). When these efforts are
Can a Co-Owner Withhold Assessment Payments if They Are Dissatisfied with Their Condominium Association?
Condominium assessments are the lifeblood of any condominium association. A condominium association cannot function and provide essential services to co-owners unless assessments are collected. Unfortunately, dissatisfied co-owners often threaten to escrow or withhold assessments as a means to get what they want. Examples of situations