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Condo Association Collects From Lender
This legal matter involved a Condo Association that asked us for assistance in collecting condo fees from the lender that held a mortgage on a condo. Under Massachusetts law, a lender can be held responsible to pay up to six months of condo fees if the condo owner does not pay. In any event, once we got involved, not only were we able to get the lender to agree to discharge two mortgages for “zero” payment, but we were also able to obtain the condo owner’s agreement to transfer his interest in the condo to the Condo Assn for a nominal payment. The Condo Assn then sold the condo and deposited several thousands of dollars into its account, a totally unexpected result that they never dreamed of.
Result: Discharge two mortgages and transfer interest in the condo to the condo association.