Here’s the situation: Borrower stops paying his condo association dues (and perhaps his mortgage too). The condo association then starts a condo lien foreclosure lawsuit. The Lender receives notice of the lawsuit, but … it happens to be a securitized trust that is not very responsive, or some other entity like MERS (Mortgage Electronic Registration Systems) was slow to forward notice of the lawsuit to the lender. The lender may fall asleep at the wheel, or figure that its deed of trust cannot be trumped. The lender need not worry, right? Because it can always step in and “redeem” the property by paying the condo lien amount to the buyer in foreclosure, up to one year from the sale. WRONG! Summerhill Village Homeowners Association v. Roughley, 166 Wn. App. 625 (2012) holds against lenders in this situation, relying on the “you snooze, you lose” rule. Or perhaps more appropriately put the rule is this: Lenders lack redemption rights in a condo lien foreclosure. Start with ten or fifteen thousand dollars and start frequenting Sheriff’s sales. You could pick up a bargain, like Plumbline Profit Sharing Plan did in this case.
The James G. Murphy Company will be auctioning a variety of Mike and Linda Mastro’s personal assets. Mike is pictured here. The catalog can be accessed on the James G. Murphy’s website, by clicking here. The auction “preview” on James G. Murphy’s website offers a glimpse into Mastro’s Desert Palm home and its decor. There is a Bentley, various Dale Chihuly glass pieces, high-end furniture, and knick knacks (from what TEP knows about Mike Mastro, these are more than just knick knacks). Don’t expect to find bargains here – there is plenty of buzz about this auction. TEP imagines every antiques and art dealer on the west coast has plans to bid on something. It would be nice to ask Mike about some of these items … if anyone could find him.