Q: If I buy condo hotel via first mortgage foreclosure, can I live on it by paying HOA assessment fees?
A: Probably not. Every Declaration for a condominium hotel I have ever read specifically prohibits using it as a residential unit. Some allow you to use it short-term for vacation purposes and some do not allow owners to occupy them at all. You should hire a lawyer to review any real estate you are considering purchasing because you could be liable for all the past due assessments and property taxes as well as other liens even if the bank forecloses.
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