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
Foreclosure Resources
Homeowner association foreclosures have been the target of reform legislation since the 2022 session due to the highly publicized (and criticized) situation in Green Valley Ranch in 2022. House Bill 22-1137 specifically targeted HOA collection and foreclosure procedures with the alleged aim of keeping people in their homes and preserving equity. These legislative changes causedGo to Newsletter
If a homeowner fails to pay a balance due to their association, there are two ways to attempt to collect that balance. The first is through the personal assets of the homeowner. The second is through the lien against the property. Personal Liability: Unpaid balances due to an association are the personal responsibility of theGo to Newsletter
** Originally Published on: Sep 15, 2011 ** We have compiled a list of common legal terms to assist managers and board members with understanding the terminology used when discussing the collection of unpaid assessments. Assessment: The fee an owner is required to pay to the association, typically monthly, quarterly, semi-annually, or annually for suchGo to Newsletter
Kate was recently featured in Common Interests Vol. 38 No. 1, a bimonthly publication of CAI’s Rocky Mountain Chapter, in an article titled “Judicial Foreclosure – a 10,000 foot overview,” published on CAI-RMC’s website: www.cai-rmc.org/Magazine.