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If the association is participating in a bankruptcy process as the petitioner, the association needs your participation.
If, however, your unit is being foreclosed upon, read your governing documents to determine whether or not you still qualify to participate as a director -- your ownership now being overshadowed.
Wiki User
∙ 10y ago
Typically, if a condo is being foreclosed, it means that the property is facing financial difficulties and the current board may no longer be functioning. In such cases, it is unlikely that new board members can be elected or that the existing board can continue their roles. The appointment of a new board would depend on the decisions made during the foreclosure process. It is advised to consult legal counsel or the governing documents of the condominium association for specific guidance in this situation.
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Does the furniture go with the condo you foreclosed on?
In a foreclosure ONLY the real estate is affected. Unless the condo was originally purchased fully furnished - the furnishings are the personal property of the owner who was foreclosed on and are not subject to seizure by the lender.
Would you put if you were on a condo board on your resume?
run for condo board letter
Do you have a lein on your property?
yes but I paid cash for my condo(association dues) , can it be foreclosed if so by who i don't have a mortgage
What is a sponsor condo?
Your answer depends on the context in which the phrase is used. Sponsor may be the developer, the bank that owns the foreclosed units, or other.
Does a HOA lien get wiped out if condo is foreclosed by mortgage lender in California?
Liens are not 'wiped out': liens are paid. When the foreclosed property is sold, the lien may be paid from the proceeds, depending on its priority and the amount earned from the sale.
If the condo is foreclosed on during the lien can you be sued for the lien amount after the condo has been foreclosed on?
You are responsible for all debits to the Association and Mortgage holder until the unit is sold. If the unit is sold the New owner get to pay your bad debit, the mortgage company will hold you responsible for any difference between the sales price and what is owed.
Can a condo maintenance company be fired by the owners?
Read your governing documents and determine under which provision your condominium is being foreclosed.It isn't the maintenance company doing the foreclosing, it's the association's board of directors, perhaps through the maintenance or management company.A condominium unit can be foreclosed upon by the association for non-payment of assessments, which owners are legally bound to pay.
Were being foreclosed on will the bank come after us if you take out the cupboards and vanities?
were being foreclosed on our home. will the credit union come after us if we take out the cupboards and vanities?
What are the disadvantages of buying a foreclosed property?
The only two disadvantages in buying a foreclosed property: #1. Tou have to put a mandatory 10% down. #2. The property may have some minor damages due to the prior owner being upset of being foreclosed upon.
Can you buy a house for cash if your house is being foreclosed on?
Yes you can
Is it mandatory that a board member of a condo be required to live in that same condo?
Read your governing documents to determine the residency requirements for board service eligibility. It is possible that the majority of the board must be resident owners, all members must be resident owners or there may be no residency requirement. There is no standard.
Can you over ride Condo bylaws and rent it out because for two years it sat vacant because you could not sell the Condo now you are renting it even though the bylaws say you cannot rent it out?
You can negotiate with the board and ask for a rental exception. You may be required to prove a 'hardship' so that the exception can be granted.It's a better idea to work with the association's officers to get what you want instead of boldly stepping into a situation that you know to be 'against the rules'.Read the governing documents to determine the process for petitioning the board for an exception. In these difficult financial times, some boards have granted exceptions to rental limits, which for the community is preferable to having a bank as a neighbor based on the unit being foreclosed upon.
