On the day of the foreclosure sale, the association can decide whether or not to complete the sale. The non-judicial foreclosure process is flexible and an association can do any of the following on the day of sale:
(1) Sell the Property. If there are bidders, the association will be paid in full. If there are no bidders, the association becomes the owner of the property in lieu of collecting the debt.
(2) Postpone the Sale. The sale can be postponed any number of times and for any length of time for up to one year from the original sale date.
(3) Cancel the Sale. The association could cancel the sale altogether and pursue a different method of collection.
Recommendation: The association's decision to postpone a sale should be made in consultation with legal counsel.
: Associations needing legal assistance can contact us
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