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HOA Resource Center

Most Recent Items

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Foreclosing on Banks

We’ve written articles in the past about why associations should foreclose on banks who own homes in your community.  We’ve explained that banks should be treated like any other owner and that you shouldn’t sit on the delinquent account waiting for the lender to sell them home.  In a recent Read More...
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So, What’s Your Position?

Ok, so you have a delinquent owner that the association wants to foreclose on.  It is common knowledge that delinquent assessments give rise to liens which encumber the property for the amounts owed. But what if the association isn’t the only one not being paid? What if there is a lien from a cre Read More...
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Short Sales and Homeowner Associations

A short sale is a sale of an owner’s property where the proceeds from the sale will fall short of the balance of debts secured by the liens against the property. Nevertheless, because the owner cannot afford to repay the entire amount, the lien holders agree to release their liens on the real esta Read More...
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Is Foreclosure the Right Option?

Inevitably owners get behind on their assessments. Not just three, four or even five months, but ten, eleven or 12 months delinquent. Despite the association’s best efforts to get the owner to pay, there is no money coming in. Then what? Generally, an association has several ways to collect unpaid Read More...
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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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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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Foreclosing on Time Share Estates in Colorado

Ownership in the form of time share estates is common in vacation areas, such as the beautiful mountains of Colorado.  Owners of time shares or interval interests (“time shares”) must pay assessments on their interests as do full, fee simple owners of units.  Given the current economy, many ti 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 Foreclosure

This checklist can help associations evaluate using foreclosure as a collection tool. Read More...
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Foreclosing on a bank - Is this the best option?

In April, I wrote a newsletter article entitled The Association’s Superlien: What Was it Intended to Be, What Is It, and Where is it Going. Now that you know more about the superlien, what can your association’s do to collect it … and collect it quickly? The answer is to simply foreclose on t Read More...

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