Collection Procedures Reviewed
Q: I was recently appointed as the treasurer of my association. I noticed that there are a couple of unit owners who have not paid their condominium fees for over a year. I asked the other board members what …
The Association’s Decision to Foreclose
Associations in the past were reluctant to foreclose when the mortgagee already commenced its own foreclosure action or when the value of the property did not exceed the amount of debt secured by the first mortgage. That’s changing now.
A Picture is Worth a Thousand Words …
Picture this: the biggest road out of town. Now imagine it is rush hour. In a thunderstorm. Add that it also a hurricane evacuation. A lane is closed due to construction delayed by budget impacts. Imagine the traffic jam.
Is Your Association Considering Foreclosure?
As naïve as it sounds, foreclosure is business, not personal. There are some fundamental questions that need to be asked to curb the passion and focus the decisions on the economics of business. In truth, the Association does not want …