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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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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
news
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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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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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
news
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
news
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
news
Challenges to Collection Actions
An association's ability to collect delinquent assessments is vital to any community. I am often asked what actions could weaken a lawsuit to collect those assessments. A common collection action is as follows: a homeowner purchases property subject to restrictive covenants but fails to comply with Read More...
Topics: Litigation, Collections
news
I’m having an Out of Money Experience
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 h Read More...
blog 
Bank Garnishments and Exempt Federal Benefits
Banks must now follow a new procedure when they receive a bank garnishment against an account holder who receives certain federal benefit payments by direct deposit. In the past, a bank would withhold all assets in a debtor’s account when served with a court ordered garnishment.
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Topics: Litigation, Collections