Associations sue to force foreclosures

One Miami Beach condominium association no longer wanted to wait for
lender JPMorgan Chase to foreclose on a unit in the complex, so it took
the matter into its own hands — forcing JPMorgan to seize the property
with a lawsuit in February. The problem for associations is that as long
as lenders wait to seize foreclosed properties, they don’t get the
requisite maintenance fees. “I find it an outrage that the bank had
decided to do nothing and the other owners got stuck,” said Jane Losson,
a board member at the Vintage East condo. “If we get this unit sold,
we’ll have a little money.” Another tactic for associations, as reported
by The Real Deal last year,
is dubbed the “mortgage terminator” by attorney Ben Solomon. [Bloomberg]