Foreclosures and Their Effects on HOAs

Homeowners and condominium associations everywhere are suffering. People are walking away from their properties and not paying their dues. Those still holding onto their properties are left making up for the deficit of others who are not paying these dues. However, there is a small ray of sunshine among all these gloomy issues. How did […]

The Other Foreclosure Threat

When an HOA levies assessments, it counts on being able to collect the money from every owner. It’s a reasonable assumption – both condominiums and planned communities have the power to collect both assessments and any costs incurred while chasing an owner who does not pay. Associations also have a lien on a debtor-owner’s property […]

Are We Making the Right Decision?

Board members of homeowners associations are frequently faced with decisions that have significant impact on the owners within the association. Should the board require an owner to remove a fence that was installed without permission? Should the board hire the treasurer’s brother to paint the condominium? Should the board increase monthly dues to meet a […]

Fiduciary Duties

One of the biggest concerns that we see with our clients is the fulfillment of fiduciary duties. What are they? Are they being met? What liability is associated with them? In order to fully understand these “duties,” it is important to know what a fiduciary is. Encyclopedia Britannica states that a fiduciary is: “a person […]

Short Sales

HOAs are no strangers to foreclosures. The loss of HOA assessment income due to foreclosures is substantial. More and more owners are “underwater” in their lot or condominium unit: the amount they owe far exceeds the value. Lenders are taking longer to foreclose and HOAs are experiencing increased losses as a result. One tool to […]