Question: What Can We Do with Bank Owned Properties?

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

Ownership After Foreclosure

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

Foreclosure as a Collection Tool

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

Common Collection Terms

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 such services as maintenance, repairs, insurance, reserves, etc. ContemptGo to Resource
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