Massachusetts Law MGL Chapter 183A Chapter 6 http://www.malegislature.gov/Laws/GeneralLaws/PartII/TitleI/Chapter183A/Section6 basically state that any unpaid fees to the condo association becomes a "super lien" and supercedes any mortgages held by the owner. It also give the association the right to foreclose and recoup not only deliquent monies but recoup any costs in obtaining that money. There are very strict quidlines to be followed one of which notifies mortgagees and allows them to pay the arrearages to avoid foreclosure.
So yes a condo association can foreclose and quite frankly sometimes they do!... more
That is an interesting question. I think that would best be answered by a real estate attorney. With that being said, I was under the impression that the banks buy back properties at foreclosure auction for the amount owed on the property, not what the original mortgage was. I would suggest consulting with a real estate attorney.... more