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The hoa is foreclosing based on 10k of arrears The value of the condo is 120k The existing 1st is 240k and 2nd is 15k What is the benefit in forec?
Dustinguidry
Based on the discussion entries, apparently the benefit of the association in foreclosing on the unit makes the unit available to another buyer.
The the association's members pay assessments to pay for services and amenities that all owners enjoy, and when an owner does not pay assessments, that owner is asking the neighbors to pay his/her bills.
So the association has a duty to collect assessments -- foreclosing on the unit pays the arrears -- and a new buyer may have a more adult regard for the fiscal responsibility that comes with this kind of real estate ownership.
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∙ 14y ago
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