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Posts tagged "condominiums & cooperatives"

Why Boards Should Not Ignore Bank Foreclosure Actions

Condominium and homeowners association Boards are often named as defendants and served with a summons and complaint when the holder of a first mortgage on a unit at the community association commences a foreclosure action against a unit owner. Boards typically don't understand why they have been served and may, particularly where there are no common charges due, simply file or throw the papers away. This is a mistake.