Resources Archive - Page 75 of 77 - Altitude Community Law

The Association’s Superlien: What Was It Intended To Be, What Is It, and Where Is It Going?

Filed Under Collections, Litigation

Posted September 17, 2011

There has been much conversation in recent years, and considerably more in recent months, about the association’s limited priority lien, or “superlien.” What was it intended to be, what is it, and where is it going? What was it intended to be? The superlien was created in order to protect associations against loss of assessmentsGo to Resource

Lien Assignment Process and Procedure

Filed Under Collections, Litigation

Posted September 17, 2011

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

Is An Impound Fund the Solution to Your Association’s Delinquency Problems?

Filed Under Collections, Litigation

Posted September 17, 2011

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

I’m Having an Out of Money Experience

Filed Under Collections, Financial, Litigation

Posted September 17, 2011

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

Question: What Can We Do with Bank Owned Properties?

Filed Under Foreclosure, Litigation

Posted September 15, 2011

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

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