- The Banks or Lien Holder Foreclose on a Unit.
- The REO Agent, or Realtor contacts the Property Management Company.
- The REO Agent brings forth any outstanding debt so the new owner(Bank/Lien Holder) has clear Title. HOA payments and any Assessments are paid, so the Owner has Clear Title to sell the Property.
- The outstanding HOA Debt can only be brought fourth from six months back.
- The Foreclosed property is put up for sale by a Realtor who works for the lien holder.
- This was verified but is opinion.
With any given Assessment the area's of concern are in any Condominium are:
- People who do not pay their HOA payment, and reside on property.
- People who do not make Mortgage Payment let alone a HOA payment
- People who have abandon their property.
- When its time for a general population to pay an assessment and there are abandon properties, the majority pays, until the Lien Holder/Bank takes possession.
- This is exactly why you MUST not have one time assessment because owners leave and the majority pays. This was not clearly represented. This has been investigated to the extent.
- Like I told the Board of Directors Two Years ago "timing" and an "equal opportunity" is essential.
- I am no longer going to fight this issue out with WATERSEDGE, I have made my own independent investigation, and brought it forth 2 years ago with denial from the Board of Directors.
