S.P. from Delaware writes: Dear Mister Condo, My condo Board says they can foreclose on my condo because I have fallen behind in my common fees and haven’t been able to make a payment towards a Special Assessment levied earlier this year for a new roof. I say they can’t foreclose on my unit because…
Search Results for: mortgage
Condo Board Typically Has Right to Know Buyer and Mortgage Details
L.K. from Will County, Illinois writes: Dear Mister Condo, Does a condo board and/or their management association have the right to see a buyer’s purchase agreement with details of amount buyer is mortgaging, the interest rate limit, closing date? Mister Condo replies: L.K., depending on state law and/or governing documents it is quite common for…
Developer Defaults on Mortgage on Land Beneath Condominium
K.W. from New London County, Connecticut writes: Dear Mister Condo, My daughter owns a condo in a small development, there is only one building with 4 units which she bought less than 2 years ago. Two other units have also recently sold within the last year. My daughter recently received a letter from a Real…
When Do Mortgage Companies Pay HOA fees?
C.R. from Bucks County, Pennsylvania writes: Dear Mister Condo, Do mortgage companies ever pay HOA dues other than the initial few payments? Mister Condo replies: C.R., it is not unheard of for mortgage companies to pay HOA dues in a few circumstances. Banks and mortgage companies do not typically do this but there are a…