Does the bank usually pay condo fees after forclosure?

Banks that own condominiums are not known for their core competency in real estate ownership: it is not their business. It is the rare bank that pays assessments willingly or voluntarily on a foreclosed condominium unit.

Savvy association boards deal with individual banks as owners about paying assessments, and for example, utilities, so that an empty, foreclosed unit does not present maintenance issues to the association or loss of necessary income.

For example, if the bank does not pay for electric heat in the winter and the unit's pipes freeze, the association becomes responsible for repairing the damage and collecting expenses from the bank.

Assessments must be paid on a foreclosed unit -- and the board must exude vigorous collection efforts to get them from a bank owner, because that income is expected in order for the association to meet its annual budget objectives for income.