Time to Start Foreclosing on Bank Owned Units?
Homeowner Associations have always used the foreclosure tool to collect past due assessments from delinquent homeowners. Now they are even going after banks, claiming that several of the largest lenders are not paying monthly HOA/condo fees on homes they’ve repossessed and now hold as bank-owned properties (Real Estate Owned, or commonly called REO’s). See this CNBC article to read more about it.
FCS Community Management, Utah’s community and property management leader, is the only Accredited Association Management Company in Utah and has up to now not had to foreclose on a bank on behalf of any of their HOA clients. However, what starts happening on America’s coasts eventually reaches Utah. Please contact FCS Community Management today for assistance on your association’s delinquent accounts.