ASSESSMENT COLLECTIONS: HOW DO YOU KNOW WHEN THE BANK HAS FORECLOSED? – Article by by John R. MacDowell, Esq
Associations rely on assessments. In most cases, they are an Association’s only source of revenue. Yet the lack of equity in homes restricts an Association’s ability to recover unpaid assessments. Often, an Association can expect to receive payments only after the lender has foreclosed and taken title. Only then is an owner in place with … Continue reading
How Bankruptcy Affects Assessment Collection – Article by Sean D. Allen
So, your Association has a homeowner who is delinquent on his assessments. Before you are able to make any progress on collection and before a lien is recorded, you receive notice that he has filed for bankruptcy. What happens next? The moment a debtor files for bankruptcy, an “automatic stay” is imposed. The automatic stay … Continue reading