If the owner of a condominium defaults on his mortgage, the owners of the remaining units: become subject to foreclosure. must immediately institute a suit to quiet title. must file an injunction against the defaulting owner. are not affected by the defaulting owner's actions.

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Business

Tatiana Kerr

25 September, 14:56

If the owner of a condominium defaults on his mortgage, the owners of the remaining units: become subject to foreclosure. must immediately institute a suit to quiet title. must file an injunction against the defaulting owner. are not affected by the defaulting owner's actions.

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Caroline Mcmahon · Answer 1

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