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SHORT SALES....THE STORIES JUST KEEP ON COMING
I was made aware of the following Short Sale story regarding a condo unit. It appears that the owner of the condo stopped paying the bank and the home owners association and then went into bankruptcy before the association could put a lien on the unit
The owner never successfully was able to deal with their bank and consequently all short sale offers were rejected and the unit remained unsold. But the bank did an interesting thing...
It put off foreclosing as long as it could and instead was trying to auction the unit off before triggering and then finalizing the foreclosure process
This tactic enabled the bank to not have to keep the unit up, pay HOA fees and not be responsible in any way since the unit didn't officially belong to them..
For the other condo owners, this put a big strain on them as they had to pay extra $$ to make up for the loss of the fees from this one unit....
When you take foreclosure, add a bankruptcy to it, throw in some HOA dynamics and the community at large, things can become worse and complex until righted...everyone suffers as a result.
This type of thinking ... more

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