lien of common charges

The borrower usually pays it. If the condo foreclosed they would need to foreclose, take possession of the unit and pay off the first lien(mortgage). If there is no equity then this action is not so certain..however there's a distinct probability that if the owner is behind in 38k then he's not paying his mortgage either...

38k for 5 months? What is this a palace? Also just my two cents but to so publicly identify a delinquent unit so specifically is in poor taste.

"publicly" wtf dude. You are the king of boobtube and linking to every inane political post..... this is the US, brittany gets fat, its public, bill gets a blow in the blue room, it's public, you fking don't pay taxes or can't afford a place in NYC, fk you... get the fk outta here.

hey, didn't publicly post the name of the person. there are 10 units in this building, but 4 units have recently posted liens on common charges. so i wonder (in order to learn about it) how does the process work? obviously i'll avoid small unit buildings after seeing this. those 4 units owe around $140k in common charges total.

sorry for the bad taste, but all i'm just trying to do is to learn how to use ACRIS and understand the LIEN process. after checking it out, i was amazed that some Liens were posted even after only a couple of months of non-payment (which can be cause of a trip, or an emergency...), seems kind of harsh.

it is not harsh. The other co op members have to make good on the money if the delinquent owner or the mortgage holder doesn't pay. So a trip or even an emergency (yes, maybe a week or two, but months? no), is not an excuse to not pay common charges. Each of those tenants is going to have to cough up $4000 to pay the costs until the owner pays or is foreclosed upon. If you have to multiply that buy 4 delinquent owners then you have the exact reason why you don't want to live in a small building.

apt23, that's how it works in condos but co-op in this situation usually force the owners to sell and take the money out of the sale price. Or, in severe cases, cancel the offending shares and takes possession of the unit, then sells it.

thanks guys! so co-ops do offer more protection to the other owners in case of CC delinquency, but guess it could still be a bummer if you want to sell at the same time. wonder whether lenders have rules about refusing to finance in a building in which 40% of units have CC delinquent.

very interesting , thx for the insight