Our client assessed the situation and agreed to purchase the owners' interest in the condo (even though the mortgage debt exceeded the condo's market value). The owners received a sizable "cash for keys" payment where there really was nothing left. Our client now has paid the past due assessments, re-rented the condo and is negotiating with the lender to obtain a reduced pay off of the mortgage debt.
If you or someone you know is facing a similar situation, call on us. We may be able to negotiate a "cash for keys" transaction that benefits you.