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HOA Resource Center

Most Recent Items

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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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How to Prepare and Testify in Court

Whether you are a board member or an employee of a management company, you may be called to testify in court in response to a subpoena for records or as a witness to events.  Here are some practical hints and suggestions on what to do and how to do it well when you are asked to serve as a witness. Read More...
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Properties in Foreclosure on Average 400 Days

According to a recent article in the Wall Street Journal about delinquencies in condominium associations in Florida, "The time it takes lenders to foreclose has grown longer each year. Nationwide, residential properties are in foreclosure an average of 400 days, up from 151 days four years ago, acco Read More...
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5 Steps to Minimize the Effects of Foreclosure in Your Community

According to a recent study, Colorado ranked 10th in the nation for its foreclosure rate.  One in every 438 homes in Colorado is in some stage of foreclosure, as compared to the national average of one in every 497.  As I read this statistic, my thoughts naturally turned to the community associati Read More...
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What is the “Robo-signer” Foreclosure Scandal and Why Should Associations Care About It?

Recently, several major national lenders have responded to the so-called "robo-signer" scandal by announcing either freezes or new procedures relating to foreclosures in various states, including Colorado. The scandal revolves around the admission by several low-level employees at national lending i Read More...
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Foreclosure as a Collection Tool

Board members have a fiduciary duty to ensure the association collects assessments. If your association has ever experienced a high delinquency ratio, repeat delinquent owners, or uncollectible delinquent accounts, then you should consider a judicial foreclosure action. The foreclosure option should Read More...
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Question: What Can We Do with Bank Owned Properties?

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 Read More...
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Checklist of the Top Foreclosure Cues

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 prop Read More...
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What To Do With Uncollectible Debt

In today's economy of rampant foreclosures and bankruptcy filings, it is becoming all too common for associations to be confronted with the unpleasant task of "writing off" uncollectible debt.  There are a few common instances when a debt becomes uncollectible.  When an owner files a bankruptcy an Read More...
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Assignment Of An Association's Lien In Foreclosure

This article briefly describes the benefits of and process involved in assigning an association’s lien to a third party during a pending foreclosure action.  Associations in Colorado have a lien against properties for all unpaid assessments, late fees, fines, interest, and attorney fees and costs Read More...