How Condo Associations Can Collect Dues from REOs: Turning the Tables on the Banks
As I was in court the other day, I couldn’t help but laugh as condo associations are now turning the tables on the banks. You see the banks are not exactly the best kind of homeowner. They don’t like to clean their pools, maintain their property… or pay their HOA dues. The judge even commented on the irony and the trend as expressed in a related article in the WSJ last week.
In fact, the Associations have had enough and are now foreclosing out the bank’s interest by suing the banks for back assessments as well as for new assessments that the banks have incurred since the bank became the owner of the property. Interestingly, the banks thought they were so eager to own the property and now have all the “joys” of ownership.
It reminds me of the proverbial proverb to “always watch out for what you wish for.” Here the banks wanted the property… well now they got it.
If you are on the board of a condo or homeowner’s association and would like our firm to evaluate the possibility of suing the real estate owned by the banks (REO) for failure to pay their association obligations please feel free to contact us.