Tag Archives: significant

LA: Condo owners sue bank over loans

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

The owners of 29 condominium units at the Perkins Rowe mixed-use development sued an Ohio lender Friday in Baton Rouge federal court. They alleged that KeyBank National Association concealed significant problems faced by project developer J.T. “Tommy” Spinosa when the condos were purchased in 2008.
Read more

FORECLOSURE as a last resort

Nobody wants to foreclose on a home – not a mortgage banker and certainly not a community association.  Countless Americans lose their homes when lending institutions are unable to collect mortgage payments.  In a perfect world, no one would ever face foreclosure – for any reason.

That’s why foreclosure should always be used as a last resort, applied only when the association has exhausted all other collection options, and only when a homeowner refuses to remedy a significant debt to the association.

Read more