Litigation Resources

Foreclosure as a Collection Tool

Filed Under Foreclosure, Litigation

Posted September 15, 2011

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

Collection of Assessments: Creating a Culture of Voluntary Compliance

Filed Under Collections, Litigation

Posted September 15, 2011

There’s no doubt about it – assessments are the lifeblood of community associations. Without the income derived from assessments, associations struggle to maintain the common elements, provide essential services to residents and protect property values. While most residents are good about paying their assessments on time, some are not. Furthermore, since associations traditionally operate onGo to Resource

Bankruptcy Overview

Filed Under Collections, Litigation

Posted September 15, 2011

Bankruptcy is a means by which a person seeks relief from debt. The bankruptcy laws come from a long tradition of allowing people debt forgiveness and,in certain circumstances, freedom from debt. The bankruptcy laws are federal and are found primarily in Title 11, Chapters 7 and 13 of the United States Code. A bankruptcy doesGo to Resource

Assignment Of An Association’s Lien In Foreclosure

Filed Under Foreclosure, Litigation

Posted September 15, 2011

This article briefly describes the benefits of and process involved in assigning an association’s lien to a third party during a pending foreclosure action. Associations in Colorado have a lien against properties for all unpaid assessments, late fees, fines, interest, and attorney fees and costs. Colorado’s Common Interest Ownership Act (“CCIOA”) provides that associations haveGo to Resource

Association Use Of Judicial Foreclosures

Filed Under Foreclosure, Litigation

Posted September 15, 2011

The Denver Post recently reported that Colorado has the dubious honor of leading the country in the number of foreclosures. This unfortunate distinction is particularly unwelcome news for Colorado’s community associations. If an association declines to exercise its redemption rights when a first mortgage holder forecloses, the association is limited to recovering just 6 monthsGo to Resource

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