The real estate investing world has since changed. Foreclosures have dried up, people think their houses are worth more than they are. Who can blame them, really?
Condo associations have the right to foreclose based on unpaid dues. Sometimes they go to high bidders, sometimes they revert to the association. This does NOT extinguish any underlying lien. Therefore, the association or the new title holder can enjoy, lease, or otherwise CONTROL the property subject to underlying liens.
THIS IS AN OPEN CALL TO BANKS, MORTGAGE BROKERS, UNDERWRITERS AND REGULATORS TO THE ATROCITIES THAT OCCUR DUE TO LAZY UNDERWRITERS, BAD MANAGEMENT, UNLIMITED PRIVILEGES OF THE BANKS AND NO RECOURSE FOR PROMISES MADE.