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 Resource
Foreclosure Resources
Question: What can we do with bank owned properties? Answer: Bank owned properties are becoming more and more common in community associations because the rate of foreclosures is not declining and the real estate market is not moving homes quickly. Unfortunately, many of these homes are often vacant for long periods, may have yards fullGo to Resource
The ability to collect assessments is crucial to an association – just like a body’s ability to consume food. For the same reasons that a body cannot function without food, an association cannot function without assessments. Therefore, more and more associations are turning to judicial foreclosure as a method of collecting assessments. However, important issuesGo to Resource
Whether you are a board member or an employee of a management company, you may be called to testify in court in response to a subpoena for records or as a witness to events. Here are some practical hints and suggestions on what to do and how to do it well when you are askedGo to Resource
Board members have a fiduciary duty to ensure the association collects assessments. If your association has ever experienced a high delinquency ratio, repeat delinquent owners, or uncollectible delinquent accounts, then you should consider a judicial foreclosure action. The foreclosure option should be evaluated regularly and used aggressively when appropriate to do so. In order toGo to Resource