Condo Boards Take on Lenders

It can take several months for a bank to foreclose a property after the owner stops making mortgage payments, but condominium boards still need to pay utility and maintenance bills. To foot the costs, some boards are attaching liens to bank-owned units and filing to foreclose while others are taking title to delinquent owners' units and renting them out until the bank initiates foreclosure.

Source: WSJ.com | June 18, 2009