Auction notice on the door. How long before our dead beat owner gets the boot?

Started by FrancescaM • 5 replies • 1540 views

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FrancescaM (Washington)
Posts: 264

Posted:

We have an owner here who has not paid mortgage in over 6 months and currently is behind in almost 3K in back dues. Not because of job loss, but because of a pending divorce. It's a sad case.

We just found an auctiuon notice on the front door of our building. How long do you suspect it is before they are to moveout?

MaryA1 (Arizona)
Posts: 7,043

Posted:

Francesca,

That's really hard to say. It could be weeks or it could be months. It all depends upon how long the process takes in your neck of the woods. And if they decide to pay up, the sheriff's sale could be cancelled. What has the assn done to collect the delinquencies?

FrancescaM (Washington)
Posts: 264

Posted:

lein on property per our collection agreement

AnneH2 (Florida)
Posts: 82

Posted:

If someone makes a successful bid at auction, ownership could transfer within a short period of time. Just make sure that the buyer then pays assessments. I've seen a case where the unit was purchased at auction, the buyer took ownership within a month and then has never paid an assessment. The condo association had to start all over again filing a lien and the property is now listed as a short sale.

Hopefully the new owner will keep the old ones in the unit as renters. The association stands a better chance of collecting assessments if there is a renter in the unit paying rent.

MicheleD (Kentucky)
Posts: 4,491

Posted:

Just one question:

Is this the ONLY delinquent homeowner heading towards foreclosure?

FrancescaM (Washington)
Posts: 264

Posted:

At this time, yes. The only one that is in foreclosure as we know.

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