Bank of America Foreclosed on Dveloper

[hbv2020]

My question involves a condominium located in the State of: Florida
The bank foreclosed the developer of our development and now owns 10 or 24 completed units and owes six months back and three months forward HOA fees. . Our management company is trying to help the owners get the HOA up and running since it was never officially turned over to us. The bank is threatening to force the HOA into receivership, which would impose a special assessment on each owner. I am wondering if the bank is using this tactic to stall things and hopefully sell and get out before they have to pay all of their HOA fees and figure the HOA will not have enough money to hire a lawyer to force them to pay.

Thanks

Harold

[OhMy]

My question involves a condominium located in the State of: Florida
The bank foreclosed the developer of our development and now owns 10 or 24 completed units and owes six months back and three months forward HOA fees. . Our management company is trying to help the owners get the HOA up and running since it was never officially turned over to us. The bank is threatening to force the HOA into receivership, which would impose a special assessment on each owner. I am wondering if the bank is using this tactic to stall things and hopefully sell and get out before they have to pay all of their HOA fees and figure the HOA will not have enough money to hire a lawyer to force them to pay.

Thanks

Harold

All the HOA needs to do is file liens against the units that are behind on dues. The title company will have to pay the HOA the dues upon closing on each unit.

There is no reason to fight this out with BofA, just file the liens with the county clerks office, sit back and in time the HOA will be paid in full.

To try to foreclose on the liens on BofA is not a great idea unless you hire an attorney to fight them. They still have more money then you do, not much more these days but some . BofA stock today closed at like $2 a share.