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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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Foreclosure Of Assessment Liens
Introduction
The Association has a lien for unpaid assessments against each unit in the Association.
A lien against the owner's unit for unpaid assessments is granted in most Declarations. The time at which the lien attaches depends upon specific wording in the Declaration. For example, the Decl Read More...
Topics: Litigation, Foreclosure
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Ways to Address Increasing Foreclosures and Delinquencies
At the recent Law Seminar of Community Associations Institute, over 500 attorneys from across the country met for two days to discuss a wide variety of issues, especially the economic conditions facing associations. Here is a list of techniques that are being used by associations to address increa Read More...
Topics: Collections, Foreclosure
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Do You Trust Me?
A major component to achieving success at trial is gaining credibility with the judge and jury. While there are many actions you can take at trial, you really gain your credibility before the lawsuit is even filed. Adhere to the following five points and your credibility with a judge or jury wil Read More...
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The Effect of Public Trustee Foreclosure On Association Liens
Foreclosures through the Public Trustee’s office tend to increase when the economy falters but even in strong economic times associations will be faced with the repercussions of public trustee foreclosures. These foreclosures are generally commenced by first mortgage holders and can have a signif Read More...
Topics: Collections, Foreclosure
news
Changes To Colorado's Foreclosure Law Taking Effect January 1, 2008
House Bill 1157, which goes into effect on January 1, 2008, contains numerous revisions to Colorado's foreclosure law (C.R.S. § 38-38-101, et seq.). The overall intent of the revisions to the law is to modernize and simplify the foreclosure process in Colorado while providing owners with a more r Read More...
Topics: Litigation, Foreclosure
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Common Collection Terms
We have compiled a list of common legal terms to assist managers and board members with understanding the terminology used when discussing the collection of unpaid assessments.
Assessment: The fee an owner is required to pay to the association, typically monthly, for such services as maintenance, Read More...
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Association Use Of Judicial Foreclosures
The Denver Post recently reported that Colorado has the dubious honor of leading the country in the number of foreclosures. This unfortunate distinction is particularly unwelcome news for Colorado’s community associations. If an association declines to exercise its redemption rights when a fir Read More...
Topics: Litigation, Foreclosure
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Ownership After Foreclosure
The ability to collect assessments is crucial to an association – just like a body’s ability to consume food. For the same reasons that a body cannot function without food, an association cannot function without assessments. Therefore, more and more associations are turning to judicial foreclosu Read More...
Topics: Litigation, Foreclosure
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