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
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
The typical process for collecting unpaid assessments is to proceed with a lawsuit after an owner has failed to respond to a thirty-day demand letter.  This route, although successful in many cases, does not always provide the desired results.  Associations are therefore looking to alternative methods of collecting unpaid assessments.  Judicial foreclosures and receiverships areGo to Resource