Interesting article on associations chasing banks for moneys they are owed. This is another reason why community associations should have lien rights that are superior to bank mortgages. The impact of the housing collapse on local community association has caused widespread damage to the financial health of condo and HOA communities and, by extension, their property values. Giving the community association a lien right that is superior to the bank mortgage would actually prevent the ripple effect of devaluation and further foreclosures.
Now It's the Big Banks That Are Getting Foreclosed On - CNBC
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