HABITAT
Subscribe for Daily Updates!
When I took over as board president in our condo, a foreclosure on one of the unit owners was started by that owner's lender. Prior to the foreclosure the prior board placed a lien on that owner. 2 1/2 years later the foreclosure process is still ongoing and the owner has lived in our complex without paying maintenance or his mortgage. That owner now owes $60,000 in maintenance, late fees and interest. Our attorney ( who is a very well respected Coop/condo attorney who contributes to Habitat) has advised us that there is not much we can do to push the process through the courts. We have filed a notice of appearance and there are a number of other entities money is owed to including a second lender. The rest of the owners are very angry about this owner living in our complex for free. They say the board and our attorney are not "aggressive enough" in forcing the foreclosure, but realistically, what else could we do since the foreclosure was started by the owners lender?
Join the Conversation Comments (1)Hi. Thanks for the reply. The Podcast was interesting to listen to. Weve followed much of the advise, including starting with liens, official communications with owners in arrears, and setting limits after which legal action is taken. Unfortunately, there are no amenities we can block the owners from. The only amenities are our security, gated parking lot and parking spots. None of these can be taken away legally. I noticed you mention publicly shaming owners in arrears. In what way? Ive always been careful in protecting privacy by not mentioning owners in arrears by name. Perhaps this is a mistake.
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat u
visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Archives
search
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Ask the Experts
learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Subscribe
join nowGot elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
We're publishing a podcast today on collecting arrears in a condo. While your situation sounds like it has progressed beyond this, there are some ideas mentioned that you might use. If you have any amenities, this unit owner could be barred from them. If your board was so inclined, this unit owner could be publicly shamed (other condos have done this).
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.