Can Condo Associations Do this?

By
Real Estate Agent with Coldwell Banker Sea Coast Advantage 93383

Have you ever heard of a condo association foreclosing on a condo and then buying it with dues of the owners?

We are having something like that going on here and I do not know who to go to for help.  I can't help but think that this is wrong.  Have rules changed....if they have, I feel that human decency has eluded us.

I have great concern for the folks that lost their unit even though they were trying to work out a payment schedule with the association.

Ginger of Southport

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Rainmaker
892,465
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

I have never heard of this happening. On the other hand I don't often deal with condos. I have been thinking of getting my "feet wet" in this area. Please keep us posted on what happened. I will follow closely.

Jan 06, 2016 03:55 AM #1
Rainmaker
3,618,200
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Yes, I have, Ginger and it is illegal even if it seems shady. And I was hearing these stories alot during the "short sale" era.

Jan 06, 2016 03:58 AM #2
Rainmaker
1,339,713
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Good afternoon Ginger,

I know they may put a lien on the property to try and collect but not foreclose; sounds like time to see an attorney.

Make yourself a great day.

Jan 06, 2016 04:23 AM #3
Rainmaker
507,466
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

The rules are in the condo docs. If the docs allow it, then it is legal and yes, HOAs have the power to foreclose, both in condos and single family neighborhoods.

Jan 06, 2016 11:43 PM #4
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Rainmaker
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Ginger Harper

Your Southport~Oak Island Agent~Brunswick County!
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