Condominiums Mortgages

News & Analysis as of

Sunset of Distressed Condominium Relief Act Extended

The Distressed Condominium Relief Act enacted as Part VII of the Condominium Act in 2010 (“Act”) was a temporary measure to encourage absorption of unsold condominium units arising as a result of the Great Recession. This...more

Foreclosing Lender Forced to File a Separate Action on Association Assessments

Foreclosing mortgagees often wait until after a foreclosure judgment and certificate of title are issued to determine the extent of liability to a homeowners or condominium association for past due assessments. But what if...more

D.C. Court of Appeals, Nevada Supreme Court Extinguish Lender's Mortgage Lien Following Association Lien Foreclosures

A recent decision by the District of Columbia Court of Appeals brings into renewed focus the tension between condominium/homeowner associations and lenders when it comes to payment of delinquent association assessment...more

Foreclosure of DC Condominium Association’s Lien for Unpaid Assessments Extinguishes First Mortgage

(Chase Plaza Condominium Association, Inv. V. JP Morgan Chase Bank, No 13-CV-623 & 13-CV-674, decided August 28, 2014). In a case of first impression, the District of Columbia Court of Appeals held that a condominium...more

D.C. Court of Appeals Extinguishes Lender’s Mortgage Lien Following Association Lien Foreclosure

A recent decision by the District of Columbia Court of Appeals brings into renewed focus the tension between condominium and homeowner associations and lenders when it comes to payment of delinquent association assessment...more

Arizona Supreme Court to Contractor: Sorry But Equitable Subrogation of a Bank’s Later Deed of Trust Trumps Earlier Mechanics’...

The smoke has finally cleared in a hard and long-fought battle between a bank and contractor both claiming priority to foreclose millions of dollars on a Phoenix condominium project. The project, well-known as Summit at...more

Who is Reading Your Mail? The Florida Condominium Termination Trap

Crowded dockets, understaffed courts, increased foreclosure times, mandatory mediation, trial mortgage modifications, last-minute bankruptcy petitions and litigation tactics, which in far too many instances fell somewhere...more

Can an HOA "Super-Priority" Lien Extinguish a Lender's Deed?

It is hard to imagine that a lender’s first-position deed of trust on a residence worth hundreds of thousands of dollars could be extinguished by a homeowners’ association (HOA) lien for overdue neighborhood assessments,...more

Editorial: Fla.'s 'Safe Harbor' Most Litigators Are Not Familiar With

First mortgage lenders acquiring title to collateral consisting of condominium units or homes in a homeowners community are afforded protection against assessment liability under both the Florida Condominium Act (Chapter 718...more

Fannie Mae Announces Servicing Policy Changes

On October 30, Fannie Mae issued Servicing Guide Announcement SVC-2013-22, which describes various servicing policy updates. First, effective on or after February 1, 2014 for condominium insurance policy renewals, Fannie Mae...more

Appellate Notes: Recent Decisions of the Connecticut Supreme and Appellate Courts - January 2013

In This Issue: -AC31211 - Aguinaldo v. Warner -AC33771 - Thompson Gardens West Condominium Assn., Inc. v. Masto -AC33850 - Unifund CCR Partners v. Schaeppi -AC33400 - Samnard Associates, LLC...more

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