An association in southeastern Wisconsin is made up of condominiums that are also rented out for the owners (condotels). In this particular case, a unit owner, who lived in Illinois, was in financial difficulty and wanted to file bankruptcy and turn their condominium over to their bank. The bank’s attorney prepared a deed in lieu […]
Banks & a Deed in Lieu Read More »
When a foreclosure is first initiated by a bank or some other third-party, the association has three choices: Do nothing and hope that the foreclosure is actually completed and that the entity foreclosing actually has a lien superior to the Association; Monitor the foreclosure internally; or Send the file to an attorney to protect the
What to do With Bank and Other Third-Party Foreclosures Read More »
Please join the Condominium & HOA Law Team on February 5, 2021, as we outline the NEW 2020 Robert’s Rules, how parliamentary procedure should be used to run meetings more efficiently, some case examples of fine issues that arise and how to solve them, some basic collection reminders relating to death, trusts and mortgages and
Association Academy: Your Rules, Robert’s NEW Rules and Court Rules Relating to Fines Read More »
When a mortgage company faces having its mortgage interest swept away in a quiet title action following an HOA lien foreclosure, the mortgage company comes up with all sorts of arguments as to why its mortgage should remain intact. This time, the arguments did not carry the day. Facts. In a 2017 Nevada case, a
Can a Court Set Aside a HOA-Lien Foreclosure Sale Because the Sales Price Was Too Low? Read More »
IMPRESSION: A recent Minnesota Court of Appeals ruling served as a stiff reminder to investor-purchasers of condominium units: request of association resale disclosure certificates should be undertaken as a matter of course (in Wisconsin this is essentially the Section 703.165(4) Wis. Stat. statement of the amount of unpaid assessments). DETAILS: In Bridge Investments, LLC v.
Request Resale Certificates Rather than Roll the Dice Read More »
Yesterday, Governor Ever’s signed Emergency Order #15 which reiterated the public health emergency relating to COVID 19. It’s title: “Temporary Ban on Evictions and Foreclosures” also implies that foreclosure actions can not be filed or advance. That is not the case. Here is what the Order states relative to Foreclosures: “7. Mortgagees are prohibited from
Wisconsin Governor Ever’s Emergency Order and Foreclosures Read More »
First mortgage holders continue to be the largest impediment to Association collections, once unit owners fail to pay. This arises because the bank’s lien is superior to the association’s and therefore most associations decide not to proceed with a foreclosure if the bank has begun its foreclosure. This is true even though banks frequently file
Combating First Mortgages Read More »
A Milwaukee association took possession of a unit through foreclosure, but could not rent out the unit because of its condition and could not sell it because of a large mortgage. After the property is vacant for several months and the lender did not start a foreclosure, The Condominium & HOA Law Team brought a
Quiet Title Actions Read More »
