Foreclosures that represent condominiums being sold instead of houses or other residential structures. Condo foreclosures are often worth less in a typical market than larger structures.
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In many cases, yes. This is because a high number of defaulting homeowners and vacant condo units mean fewer fee payments. Condo owners either have to pursue collection through legal means, which can be difficult, or have to increase fees to make up for the loss in income.
Absolutely. If any kind of property has a mortgage and has a lien placed on it, failure to pay off the lien can result in foreclosure from banks or lenders. The same general process applies to condos as it does to other types of residential properties.
A wrap-around sale is a sale in which the owner of a condo essentially sells the condo to a buyer while keeping the original mortgage. The buyer pays the owner monthly, and the owner uses the monthly payment to pay for the original mortgage. These cannot work if the original mortgage has a due-on-sale clause.
It can be difficult to get approved for a condo unit that is in a complex with a high rate of foreclosures. Getting a FHA loan, for example, depends on the complex being on the FHA approved condo list – and those high in foreclosures are not likely to be on the list. Check with your lender; their decisions and regulations will vary.