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In-s [12.5K]
3 years ago
8

If the owner of a condominium defaults on his mortgage, the owners of the remaining units: become subject to foreclosure. must i

mmediately institute a suit to quiet title. must file an injunction against the defaulting owner. are not affected by the defaulting owner's actions.
Business
1 answer:
vladimir1956 [14]3 years ago
7 0

Answer:

Are not affected by the defaulting owner’s actions

Explanation:

In this particular question, we are trying to see what becomes of the remaining owners of a condominium if the owner defaults on his mortgage.

To answer this question properly, we need to understand and know what is meant by a Condominium. A condominium generally refers to a a particular building or a building complex with a number of individually owned apartments.

After this definition, we can clearly see that a condominium exists independently of the other owners. This means if you own a Condominium, it practically means you’re responsible for whatever contract that defines your ownership and in no particular way have any business with the other independent owners of other units. This is so because, they have their own guiding laws to deal with. Hence, whatever happens, everyone would be made to give account on whatever part of the properties he own with absolutely no reference to the properties of the other members

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3 years ago
Suppose that due to a fear that the United States is about to enter a long period of stagnant growth, stock prices fall by 50% o
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The price of coffee rose sharply last month, while the quantity sold remained the same. five people suggest various explanations
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3 years ago
Read 2 more answers
In​ 2015, the Washington Nationals baseball team signed pitcher Max Scherzer to a contract to play for them for seven years. He
Salsk061 [2.6K]

Answer: D. The actual value of the contract is less than $30 million for each year he plays.

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False

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