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Collecting Rents--Delinquent Owner or Condo Association? Who should have the right?
August 4, 2010 - Sylvia Heldreth
It is clear that a number of investors who bought condominiums during the good times are now in default on their mortgages. Many have simply stopped paying because they owe more than the unit is worth.
Some of these investors have long standing leases with tenants who are living in the units. The owners say they have the right to recoup some of their losses by collecting these rents. The associations say they deserve to collect the rents themselves because the owners are not paying their assessments. Times are tough.
What do you think?
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