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Podcast: Condo Craze and HOAs
Episode: Don't let the banks get off the hook!
Description: Last week, we delved into the intricate workings of foreclosures and how banks manage to slip through the accountability net when they reclaim properties. We discovered that banks have a legal "safe harbor," allowing them to owe only a fraction of what owners owe to the association upon acquiring a property. This safeguard aims to keep banks investing in HOAs without fearing unpaid assessments.
But here's a silver lining: imagine the bank doesn't repossess the property during foreclosure, and instead, a third party wins the bid and becomes the new owner. What financial responsibilities does this new...