2-unit condo. Delinquent owner has substantial equity & will not likely be able to refi.
The “other” owner continues to fund the operations. Liens may or may NOT be prudent on a cost/benefit basis.
The basic question is: If the "funding owner" is willing to gamble that the delinquent owner sells first (forcing a "clean-up" of the debt -> to record a healthy 6D) and "funding owner" also opts to continue to fund the association, is the 'notification' process the same as it is when attempting to get a Super Lien in MA (30 days / 60 days etc. to owner / mortgage company) or do simple assessments suffice?
Well the notices need to come from the condo association. The "funding" owner does not have the right to put a lien individually. If the association wants to perfect the lien, then yes, the proper notices need to be sent. Also, the lien would be a very SMART thing for the Association to do, as the statute covers attorney's fees and costs, therefore, they should protect their interest. Also, if the Association is in need of the money, then it can foreclose on the property. If there is a mortgage on the property, the mortgage company will usually pay, as they want to protect their interest. The lien process is fairly straight forward, however you should make sure that an Attorney performs this, as if anything is missed, it could render the lien imperfect. If you would like a free consultation to discuss this further, please email me at [email protected]
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