St James Realty, anticipating that your referencing individual units, then each individual unit that carries a distressed mortgage would be handled by that particular lende or lenders, and also add in the condo association. many of the condo associations have filed law suits against the distressed units and are reluctant to negotiate any means of partial settlement. i have experienced files with clear to close by the lenders, fannie mae etc and the association wants a bottom line which is more than can be squeezed out of the transaction. thus is falls apart.
if you are referencing, developer owned units than different lenders/banks have their own procedures of disposing of these units singlely or in bulk. these would be a commercial transaction and you would have to follow a different path to find out who the lender/bank was and how they are disposing of the units. in this situation, investors purchase units at a low price, pay all outstanding taxes, condo and attorney fees on the units. basically they bring the unit current.