• Important Considerations Before Foreclosing on Condominium Units
  • December 3, 2010 | Authors: Melinda Eubanks Sellers; Carol H. Stewart
  • Law Firm: Burr & Forman LLP - Birmingham Office
  • It is an unfortunate reality that more condominium developers are defaulting on their loans due to the inability to sell units that were not sold through pre-construction sales efforts, leaving lenders no option except foreclosure on multiple units. Before deciding to foreclose on these remaining units, lenders should be aware of the nuances involved in condominium developments - in particular, the implications of unpaid assessments and succeeding to declarant rights.