HOAs Seek Association Fees from Banks
By bslaton on March 16th, 2010
Reprinted from:
Daily Real Estate News | March 8, 2010 |
Condominium and home owners associations desperate for money are experimenting with a tactic called “reverse foreclosure” to force banks to pay association fees.
The process works like this: When a borrower stops paying the mortgage, banks often delay taking the property into foreclosure. When banks delay, neither the former home [...]