Condo Foreclosure (Atty Rec?)
hi bstoners. my co-op is in a building with two commercial units on the first floor. collectively, the co-op apartments constitute 1 residential condo, and each commercial unit constitutes a commercial condo (total of 3 condos). i’m told our legal structure is accordingly a “cond-op”. in any case, the lender for one of the commercial…
hi bstoners. my co-op is in a building with two commercial units on the first floor. collectively, the co-op apartments constitute 1 residential condo, and each commercial unit constitutes a commercial condo (total of 3 condos). i’m told our legal structure is accordingly a “cond-op”. in any case, the lender for one of the commercial spaces has filed an action in Kings County court for foreclosure on that condo. i wouldn’t be particularly concerned (since our residential units are in a separate condo), except that the Board of the condo/co-op is named as a defendant in the action, and as a result, we have to file an answer to the complaint within 20 days or a default judgment will be rendered against us. i think. anyway, this is where a real live lawyer comes in. anyone have any recommendations? anyone been through this before? any info very appreciated. thanks.
Gary Scott Rosen
516 437 3400
The Pitbull in Condo laws and procedures
the bank is not looking for a default judgement against the board. the board is named as a judgement creditor because of possible unpaid common charges or liens. you want to file an answer with the court, this will entitle you to any surplus monies from the foreclosure sale, if there are any, to pay off your lien. there is a blumberg form for this but i would have an attorney file it for you. it’s really nothing to be worried about.