One of the owners in our Association is losing his home in a Trustee’s Sale. What is that and what does this mean for our Association?
By Beth Mulcahy, Esq. If an owner becomes delinquent on his/her mortgage or deed of trust mortgage, the deed of trust company may initiate foreclosure proceedings on the owner’s property by noticing a Trustee’s Sale. Secure the association’s interests: A lien places the Trustee on notice of the association’s interests, so the association will receive notice of the Trustee’s sale and [...]