Checklist for Feasibility of Foreclosure

Resource Topic: 
Checklist & Forms
Foreclosure

Association:                                             
Name of Property Owner:                                     
Address of Property:                                     

1.   Is the property:         

            □    Vacant
            □    Occoupied by Owner
            □    Occupied by Tenant           
            □    In Foreclosure by Lender         

2.    If the owner does not reside in the property, what is the current address of the owner (if known)?                                         

3.    What amount is presently due in assessments?

4.    How much are the monthly assessments?    

5.    Late charges?                  

6.    Has a lien been filed for delinquent assessments, and if so, on what date? (attach a copy)  

7.    What is the estimated current market value of the property?                

8.    What is the balance of other encumbrances against the property?            

9.    What collection efforts have been made against the owner? 
            □    Can’t serve owner
            □    Judgment obtained but not collected
            □    Have had 2 or more prior cases against owner in 3 years

8.    Is the property presently in rentable condition? If not, what improvements need to be completed and what is the estimated cost?                                                            
                                               
9.    What is the estimated monthly rent which a tenant could be charged?  

10.  Attach a current ledger or account history for the property.

Please return this checklist to us for a free determination as to whether a foreclosure is an option for the collection of delinquent assessments in this case.