Condominiums are feeling the pinch of the Federal Housing Administration’s new certification requirements as many find themselves ineligible for FHA approval. That’s left owners and buyers without the option of cheaper FHA mortgages.
Q: What do I do if I receive a Notice of Bankruptcy Filing?
A: You should inform your collections attorney immediately if you receive notification that a homeowner has filed bankruptcy. If we have an active collections file against the homeowner, we are required to suspend further collections efforts against the homeowner while the bankruptcy is pending.
If we do not have an active collections file against the homeowner, we recommend you forward the notice to your collections attorney anyway. We are able to access the Bankruptcy Court’s records and can file any paperwork necessary to be sure that the association is protected throughout the bankruptcy proceedings. We can also monitor the proceedings and update you as to any significant developments in the proceedings.
Don’t think owners won’t notice an extra charge from the association. Prepare for a fight and plan ahead to avoid special assessments altogether.
Many community associations turn to special assessments when confronted by unanticipated repairs, but boards need to avoid making hasty decisions to fund these surprise expenses.
Special assessments should be the last resort – not the first step –
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