When a bank forecloses on a home in a South Carolina homeowners association, the property may sell for more than the amount owed on the mortgage. The remaining money, known as surplus funds, may provide an opportunity for the HOA
Law Firm Carolinas Blog, published by Law Firm Carolinas, focuses on legal issues related to community associations, including homeowner and condominium associations, with attention to governance, contracts, and seasonal challenges. It also covers real property law topics such as tenancy in common and estate law, including complexities of insolvent estates and estate planning decisions like disinheritance. The blog provides practical legal insights relevant to property owners, association boards, and estate planning clients primarily within North Carolina.
Condominium owners already face rising insurance costs, maintenance expenses, and association assessments, as discussed in our earlier article, Why Are HOA and Condo Assessments Going Up?. Now, new condominium lending rules taking effect January 4, 2027, could add to…
Several years ago, during COVID, I wrote about whether homeowner and condominium associations should relax their normal assessment collection practices. Many boards were understandably concerned about owners facing financial problems.The circumstances are different now, but the broader point remains:…