News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network
Is foreclosure best option to get debt paid?
by: Mike Hunter
Charlotte attorney Michael Hunter specializes in community and condominium association law for the firm of Horack Talley.
Q. It seems in today’s economy that a lot of HOA foreclosures don’t result in a collection of the debt owed to the HOA. The owner either abandons the property, or the HOA lien is extinguished by the foreclosure of a superior deed of trust to a mortgage lender. It seems the HOAs rack up a lot of fees to foreclose against homeowners that are going to walk away from the debt one way or the other. Is there a better option?
In what order are payments applied towards charges on an owner’s ledger?
When payments are received they are applied towards outstanding charges in the following order:
Legal Fees, NSF Fees, Fines, Collection Fees, Late Fees, Special Assessments, Regular Assessments, Master Association Assessments, Landscaping Assessments, and Water/Sewer/Utility Billing.
Charges of each type are paid in order of age;
FL: Catherine McMullen (HOA embezzler) asks for lighter sentence, is denied
News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network