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41 legal experts on game-changing laws, rules, and cases
RPL SEC. 339-AA
In the event that unpaid common charges are due, any member of a condominium board may file a notice of lien. This lien may be foreclosed by a lawsuit authorized by the board, which will have the power, unless prohibited by the bylaws, to bid at the foreclosure sale to acquire the unit and then resell or lease the unit. The board may simultaneously seek to recover unpaid common charges seeking a money judgment against the unit-owner personally in the lien foreclosure lawsuit or a separate lawsuit without foreclosing the lien.
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"How should condominium board members deal with apartment owners who fall behind in paying monthly common charges? Quickly, and with knowledge of what your legal remedies are. There are several remedies available, which can be pursued alone or together, and you need to figure out the most cost-effective ones for your particular circumstance."
To read the full lecture, visit: http://bit.ly/SLasser
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