Does your community have properties that are owned by banks? Unfortunately, bank owned properties have become commonplace in many communities due to the high number of foreclosures that continue to take place in today’s economy. These homes are likely vacant, with covenant violations (weeds and other maintenance issues come to mind), and most likely, assessmentsGo to Resource
Collections Resources
Given the state of today’s economy, Associations are facing increased delinquencies. Proceeding with a lawsuit after an owner has failed to respond to the attorney’s thirty-day demand letter is not always the best option. For example, the property may be owned by an entity such as an LLC, which may be difficult to collect from. Go to Resource
G.A.P. is an innovative program which has met with such great success in Florida that its creators decided it was time to debut it in the Mile High (and surrounding) cities. What is G.A.P., you ask? It stands for “Guaranteed Assessment Program.”…. and that’s exactly what it is! This insurance program is specifically designed toGo to Resource
A homeowner association’s ability to foreclose on a property for failing to pay assessments is a potent tool in collections. Unfortunately, many associations do not utilize this avenue of collections due to a belief that the association would become obligated to pay the first mortgage on the property if it ended up owning the foreclosedGo to Resource
A receivership allows an association to intercept a tenant’s rent payments. The rent payments are applied to the delinquent homeowner’s balance until paid in full. The process of the receivership is handled by the receiver, an independent third party appointed by the court. If you are interested in a receivership to collect against a particularGo to Resource