Bankruptcy FAQs

Q: What do I do if I receive a Notice of Bankruptcy Filing? A: You should inform your collections attorney immediately if you receive notification that a homeowner has filed bankruptcy.  If we have an active collections file against the homeowner, we are required to suspend further collections efforts against the homeowner while the bankruptcyGo to Resource

Assignment Of An Association’s Lien In Foreclosure

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

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

Checklist of the Top Foreclosure Cues

Foreclosure of an Association’s assessment lien is an important tool in the collections arsenal. Of course, not every property in every association may be an ideal candidate for this collection tool. Below are the top cues that may help you determine whether a particular delinquent account or property would benefit from the use of foreclosureGo to Resource

Checklist for Creating Reasonable Rules

In creating reasonable rules following a process will help ensure that the rule is necessary as well as valid: Determine the need for the proposed rule.  Good rules accomplish exactly what the board intended them to accomplish.  Unfortunately, some associations try to solve a problem by passing rules that are either too harsh or tooGo to Resource
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