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.
Duties & Responsibilities