Foreclosures through the Public Trustee’s office tend to increase when the economy falters but even in strong economic times associations will be faced with the repercussions of public trustee foreclosures. These foreclosures are generally commenced by first mortgage holders and can have a significant impact on associations. To understand the impact it is necessary toGo to Newsletter
Collections Resources
There has been much conversation in recent years, and considerably more in recent months, about the association’s limited priority lien, or “superlien.” What was it intended to be, what is it, and where is it going? What was it intended to be? The superlien was created in order to protect associations against loss of assessmentsGo to Newsletter
The Service member’s Civil Relief Act (SCRA) expanded upon the former Soldiers’ and Sailors’ Civil Relief Act (SSCRA). The SCRA provides a wide range of protections for individuals entering, called to active duty in the military, or deployed service members. What affect does this law have on your association regarding collection of past due assessments? Go to Newsletter
The lien assignment process almost always begins with the owner’s mortgage lender (i.e. bank) commencing a foreclosure on its first deed of trust. Prior to the bank proceeding to foreclosure sale, it must submit a bid to the Public Trustee’s office. At that time, investors review the bank’s bid and determine if they would beGo to Newsletter
Recently an association inquired whether it would be a good idea to require an impound fund for all new owners in an effort to curb the community’s delinquency problems. The idea behind the proposed impound fund, also called a reserve or escrow account, is that each new owner would be required to put an additionalGo to Newsletter