We have several condos that are now in foreclosure or going into foreclosure. We as the Codon Assn have monies due for monthly assessments. Can the primary mortgage company evade our lien for these monies? If so, why. If not will our filed lien protect us?
If not, as another option, can we go to the mortgage holder and offer to pay the balance on the actual principal of the first mortgage, or will they just decide to keep it along with all the other properties they have under foreclosure? Seems with an empty unit (some as long as a year) they'd be willing to unload it for the net principal and go after the persons that had the original loan that went tit's up.
What can you tell me.