Updated: Sep 4
09/09/13 – About two years ago the former owner of Unit 215 stopped paying his Association fees. Stopped paying his mortgage as well. Foreclosure was looming when, a few months later, (but still more than a year ago) in June, 2012, our lawyer was sole bidder at an auction on the courthouse steps and won ownership of the unit to satisfy the VOA's lien against the property. Too bad for the bank that its agents weren't quite as alert as ours.
The astonishing result was this: for just the amount of fees owed, a mere $12,000 or so, our Association became owners of Unit 215.
Well, not quite. The former owner threatened to retake possession, the bank claimed foul, but neither party acted in a timely way. Months later their options expired. Finally, just a few weeks ago, the matter was settled without further litigation when the Board agreed to sell the unit to the bank for about half what it's worth. The outcome is, net fees and taxes, our Association will be richer by nearly $100,000. (Yes, you read that right.)
If there's a moral to the story, it might be this: it's fun to beat the bank. And, if your condo has you in financial straits, this too: deadlines listed on those ominous-looking legal notices actually mean something.