November 3, 2016
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Assisted Condominium Association In Collecting Fees
We were contacted by a Condominium Association to help collect unpaid condo fees. At the time, the condo unit owner had actually vacated the condo unit for several years; had not paid the mortgages for several years, and basically abandoned the condo unit. The Trustees asked our help in collecting six months unpaid condo fees (as is required by law) from the first mortgage holder (which also held a second mortgage). Although truth is sometimes stranger than fiction, some of you who may be reading this article may be skeptical about what we were able to do, but the facts are the facts. As a result of our knowledge and experience in dealing with mortgage lenders, and with the condo unit owner, we obtained the following results:
1. the mortgage company, did not end up paying any condo fees. However what they did do is that they discharged both of their mortgages which were in total about $150,000.00 and received nothing in return.
2. as a result the condo became “mortgage free”.
3. the condo owner who owed thousands of dollars for back condo fees and expenses, deeded his interest in the condo to the Condo Association for a token payment, and then the Association in turn sold the condo.
Result: The Condo Association received a “windfall” of substantially more money than they ever expected to collect when they retained our services. We consider that to be a “job well done”.
July 5, 2020