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HOA Resource Center
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Is An HOA Obligated To Pay the Mortgage on a Property It Foreclosed On?
A homeowner association's ability to foreclose on a property for failing to pay assessments is a potent tool in collections. Unfortunately, many associations do not utilize this avenue of collections due to a belief that the association would become obligated to pay the first mortgage on the propert Read More...
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Considering a Receivership? Important Factors to Take Into Account
A receivership allows an association to intercept a tenant's rent payments. The rent payments are applied to the delinquent homeowner's balance until paid in full. The process of the receivership is handled by the receiver, an independent third party appointed by the court. If you are interest Read More...
Topics: Litigation, Collections
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Collections Options for Properties Owned by LLCs, Trusts, and Estates
Most properties are owned by individuals. Collections for unpaid assessments due from individuals generally involve lawsuits against the owners, leading to wage garnishments, bank garnishments, or tenant garnishments. However, occasionally a board is faced with attempting to collect unpaid asses Read More...
Topics: Litigation, Collections
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Bankruptcy: How Does it Affect Your Association?
Bankruptcy … it’s the “four-letter word” that nobody wants to hear. There are two types of bankruptcies that most individuals file. A Chapter 7 bankruptcy (also known as a “liquidation” bankruptcy) will, upon completion, discharge the owner’s debt as of the date of filing. A Chap Read More...
Topics: Litigation, Collections
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Bank Owned Properties: What Can We Do?
Does your community have properties that are owned by banks? Unfortunately, bank owned properties have become commonplace in many communities due to the high number of foreclosures that continue to take place in today’s economy. These homes are likely vacant, with covenant violations (weeds an Read More...
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Have you heard about G.A.P.?
G.A.P. is an innovative program which has met with such great success in Florida that its creators decided it was time to debut it in the Mile High (and surrounding) cities. What is G.A.P., you ask? It stands for “Guaranteed Assessment Program.”…. and that’s exactly what it is! This insu Read More...
Topics: Litigation, Collections
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Questions to Ask Prior to Proceeding with a Receivership Action
Given the state of today’s economy, Associations are facing increased delinquencies. Proceeding with a lawsuit after an owner has failed to respond to the attorney’s thirty-day demand letter is not always the best option. For example, the property may be owned by an entity such as an LLC, wh Read More...
Topics: Litigation, Collections
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Foreclosures and Receiverships: Which Action Should the Association Pursue?
The typical process for collecting unpaid assessments is to proceed with a lawsuit after an owner has failed to respond to a thirty-day demand letter. This route, although successful in many cases, does not always provide the desired results. Associations are therefore looking to alternative met Read More...
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So You Have a Bank Owned Property, Now What?
With the increase in foreclosures it is more likely than not that your association has at least one property that is owned by a bank. It’s also likely that the bank isn't paying assessments. Question: What can associations do with bank owned properties?Answer: Bank owned properties are becoming mo Read More...
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What in the World is a “Stip?”
“Stip” is common slang for “Stipulation.” A “Stipulation” is a legal term that generally identifies a written document that sets forth the agreed upon terms and conditions of a settlement between two parties to a lawsuit. In the realm of community association collection actions, that Read More...
Topics: Collections
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Checklist for Feasibility of Receivership
This checklist may be helpful to an association considering receiverships as a collection option.
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Topics: Checklist & Forms, Collections
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What Do Owners Do with Their Properties After Filing Bankruptcy?
With bankruptcy numbers still on the rise, questions continue to abound regarding the impact an owner filing for bankruptcy has on an association…especially when it comes to collection of assessments.
Bankruptcy is a means by which a person (which can be an individual, partnership or corporation) Read More...
Topics: Collections