The lien assignment process almost always begins with the owner’s mortgage lender (i.e. bank) commencing a foreclosure on its first deed of trust. Prior to the bank proceeding to foreclosure sale, it must submit a bid to the Public Trustee’s office. At that time, investors review the bank’s bid and determine if they would beGo to Resource
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Recently an association inquired whether it would be a good idea to require an impound fund for all new owners in an effort to curb the community’s delinquency problems. The idea behind the proposed impound fund, also called a reserve or escrow account, is that each new owner would be required to put an additionalGo to Resource
Having difficulty staving off the rising tide of delinquencies? And are the circumstances that have put your association in this position outside of your control? You can’t control the economy or extinguish the existence of foreclosures and bankruptcies in your community, but you can control how you respond to these and other scenarios that tendGo to Resource
Association Do you have a written collection policy? Do you periodically communicate the collection policy and procedures to owners? Do you obtain as much owner information as possible at each new closing? Management Does your manager provide a monthly list of delinquent owners? Does your manager provide an aging report of delinquent owners? Does yourGo to Resource
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