Q: Is foreclosing on a condo hotel unit harder or any different than other real estate?
I'm looking into micro hard lending for smaller condo hotel units as no one finances them and they must be purchased w cash. They will only lend 100k or more which is more than the cost of many units. If I required 50% down this would secure the loan adequately. Are these units treated any differently if the mortgagee defaulted?
A: Mortgage foreclosures for residential and commercial properties follow substantially the same judicial process.
Barbara Billiot Stage agrees with this answer
A: You should hire a real estate lawyer, preferably one with condo-tel experience, to review the condominium documents because these types of condominiums a have their own special headaches other than foreclosure and a lot is affected by the Declaration of Condominium and other documents. There is a reason lenders have stopped lending for these properties. A few I can think of are foreign investors, cash sales without paying off the mortgage, non-payment of association fees, county liens and tax deed sales.
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