Mortgage company public trustee foreclosure filings have generally been increasing over the last few years. Many of these homes are located in community associations. While the homeowner’s mortgage is an agreement between the homeowner and the mortgage company, there are impacts to the association when the first mortgage forecloses. Superlien: When a foreclosure is initiated,Go to Newsletter
Collections Resources
The purpose of an association filing a lawsuit against a homeowner for unpaid assessments is for the court to enter a judgment against the homeowner. Once judgment enters, the association’s collection options switch from trying to get voluntary payments from the homeowner to being able to get involuntary payments from the homeowner through processes likeGo to Newsletter
Without assessments, community associations would be unable to function. Boards of directors have a duty to collect assessments from owners to ensure their associations can operate. While the issue of delinquent homeowners is largely unavoidable, associations can set themselves up for success when collecting late assessments by following best practices and avoiding common pitfalls. UpdateGo to Newsletter
There are several universal best practices I find myself repeating over and over in discussions with managers and Board Members. The following are the top 10 points that I suggest all Boards consider. As you are navigating delinquent balances, keep the following pointers in mind: 10. Don’t throw good money after bad. Most of theGo to Newsletter
Unfortunately, sometimes homeowners pass away. When that happens and the homeowner owes a balance to the association, boards often have many questions about what that means and what they should be doing. First and foremost, remember that the heirs are grieving their loved one. Board members are often torn between wanting to be respectful ofGo to Newsletter