In Limbo with Incomplete Foreclosures?
IN LIMBO WITH INCOMPLETE FORECLOSURES
Is your association finding frustration when a lender begins a foreclosure proceeding on a unit and then seems to stop? Even worse than that, do you have units that are vacant because their owners have simply abandoned them, stopped paying the common fees and the common area and units suffer damage from burst pipes caused by lack of unit maintenance or heat?
There is a potential remedy. The Consumer Financial Protection Board (CFPB) may be able to help. If the mortgage is held by Freddie Mac or Fannie Mae, they may be forced to take actions that will preserve the unit. If the mortgagee foreclosure hasn’t been completed, the lender may be fined. Of course, there is no guarantee this will work but it is another tool in your tool box.
If you are facing this challenge CAI has prepared a link for you to file the complaint. Simply Click here for additional background information and simple instructions to file a complaint with the Consumer Financial Protection Board (CFPB) or if you prefer we will be happy to assist you.