Category

Chase Plaza

Lender Backlash Over Condo Foreclosures

By | Chase Plaza, community association, condo law, HOA, HOAs, homeowners association, unit owner, unit owner's association, unit owners | No Comments

The District of Columbia and 21 states have statutes that give condominium associations a super-priority over the first deed of trust for unpaid assessments. In D.C., the super-priority is limited to six months of unpaid assessments. Thus, a condominium association has the right to foreclose on a condominium lien and…

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New D.C. Court of Appeals Decision: Banks lose liens on condominiums after foreclosure sales

By | Chase Plaza, community association, condo law, HOA, HOAs, homeowners association, unit owner, unit owners | No Comments

Condo foreclosures have become more attractive in D.C. since the D.C. Court of Appeals’ recent ruling in Chase Plaza Condominium Association vs. JP Morgan Chase Bank. The Court of Appeals ruled that if an Association forecloses on its super-priority lien and there are not enough proceeds from the sale to…

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