The ability to collect assessments is crucial to an association - just like a body's ability to consume food. For the same reasons that a body cannot function without food, an association cannot function without assessments. Therefore, more and more associations are turning to judicial foreclosure as a method of collecting assessments. However, important issues arise if an association acquires title to property after a judicial foreclosure sale. When property is obtained through the judicial foreclosure of an association's assessment lien, the property remains encumbered by any first mortgage. In addition, the property may be in disrepair or have improvements which are in violation of the association's governing documents. This article will discuss what an association should do once it acquires title to the property.

Read More