Safety & Security
Record Keeping
Provide for Maintenance
Governing Resolutions
Fiduciary Duties
Foreclosures
Expenditures
Enforcement of Rules&Regs.
Employing Professionals
Confidentiality
Collection Process
Board's Liabilities
Bankruptcy

Community Associations in an effort to satisfy a Homeowner’s arrearage are permitted to foreclose their Claims of Lien previously recorded against the Unit Owner’s property.  The object of a foreclosure action is to secure a final Judgment in foreclosure and Writ of Execution issued by the Superior Court.  Issuance of the Writ of Execution allows Association Counsel to request that the County Sheriff’s Office comply with the Writ by scheduling and conducting a Sheriff Sale of the property which is the subject of the Final Judgment in Foreclosure.  At sale, the property is sold subject to prior recorded mortgages and any other Liens or encumbrances perfected prior to the filing of the Association’s Complaint in Foreclosure.  Given that most Condominium Units are subject to first recorded mortgage liens and taking into consideration that fair market value of units across the State have decreased dramatically very few Community Associations are resorting to foreclosure as a remedy.

Board Member's

Duties & Responsibilities

Foreclosures

      
FAQ's

             97 East River Road

                                Rumson, NJ, 07760

                          (732)-747-8585

                                            

          

 Português

 Español 

NJ Condo Condominium Lawyers Attorneys Law Giaimo & Associates Community Homeowners Association
  • Wix Facebook page
  • Google+ App Icon
  • Wix Twitter page

ADVERTISING. The information contained in this website is for informational purposes only. Pleas refer to our disclaimer page.  DISCLAIMER

Giaimo & Associates

is a proud member of:

  • Home

  • Firm

  • Practices

  • Board Members

  • Property Owners

  • Property Managers

  • Transition

  • Contact Us

  • More

    • Home

    • Firm

    • Practices

    • Board Members

    • Property Owners

    • Property Managers

    • Transition

    • Contact Us

    • More