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Question: What Can We Do with Bank Owned Properties?

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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

Bankruptcy Overview

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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

Bankruptcy FAQs

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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

Checklist of the Top Foreclosure Cues

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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

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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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