.:)Is there any particular reasons that you like working with them (eg: price, prompt communication ?) 

Even though someone may want to get rid of their property, they may not be prompted into action until someone reaches out to them.

This prompted threatening letters of forced sale from the board and damaged an already tenuous relationship. 

The downside with this is that it essentially alerts the bank about this property and potentially prompts them to realize they should foreclose.To answer your questions:1) Yes they would have to notify you since you are legally the owner.2 & 3) If the bank forecloses, an auction date will be set.

Your post prompted me to just write this repsonse:http://www.biggerpockets.com/blogs/3442/blog_posts/27060-handling-negative-responses-to-marketing

Thanks for your prompt response.

But it was my first time getting the actual famous Yellow letter that prompted my post.And the lack of any follow up... which of course you can't close a deal if you never call the seller back I think that's clear... :) And that person never did call me back.I will tell you on that same property I got the yellow letter the listing expired and I got 5 phone calls and probably 20 letters from realtors..

My client has said numerous times he wasn't thinking about selling but my letter is what prompted him to call and list his apartment building.

heck answering the phone or returning the call promptly will put you ahead of most.  

Each Co-owner hereby agrees to promptly sign any additional instruments or documents that are necessary or appropriate to carry out the purpose of this Agreement.27.