Ask a Real Estate Professor

[mwtosd]

What is Baron’s feeling about the CA Foreclosure affecting the tsunami coming with all the Alt-A and Opt-Arms. Will most of these home qualify for mods?

CA Foreclosure Prevention Act
http://piggington.com/this_never_ends_quotca_foreclosure_prevention_act_coming_upquot

Credit Suisse
http://activerain.com/blogsview/202178/Adjustable-Rate-Mortgage-Reset-Schedule-GRAPH

[cv2]

Thanks Kelly.

If it is too late to ask another question:

What’s the impact of foreclose and short sales on condo/townhome homeowner associations? What’s the percent of HOA that fully funded their reserve funds? What can HOA do to survive in this tough environment?

Thanks!

[cv2]

Thanks Kelly.

If it is too late to ask another question:

What’s the impact of foreclose and short sales on condo/townhome homeowner associations? What’s the percent of HOA that fully funded their reserve funds? What can HOA do to survive in this tough environment?

Thanks!

[cv2]

Thanks Kelly.

If it is too late to ask another question:

What’s the impact of foreclose and short sales on condo/townhome homeowner associations? What’s the percent of HOA that fully funded their reserve funds? What can HOA do to survive in this tough environment?

Thanks!

[cv2]

Thanks Kelly.

If it is too late to ask another question:

What’s the impact of foreclose and short sales on condo/townhome homeowner associations? What’s the percent of HOA that fully funded their reserve funds? What can HOA do to survive in this tough environment?

Thanks!

[cv2]

Thanks Kelly.

If it is too late to ask another question:

What’s the impact of foreclose and short sales on condo/townhome homeowner associations? What’s the percent of HOA that fully funded their reserve funds? What can HOA do to survive in this tough environment?

Thanks!

[mwtosd]

To follow up on CV2’s question. If an HOA goes bankrupt, what happens to the HOA? I think I read somewhere the state takes over, what really happens?

[mwtosd]

To follow up on CV2’s question. If an HOA goes bankrupt, what happens to the HOA? I think I read somewhere the state takes over, what really happens?

[mwtosd]

To follow up on CV2’s question. If an HOA goes bankrupt, what happens to the HOA? I think I read somewhere the state takes over, what really happens?

[mwtosd]

To follow up on CV2’s question. If an HOA goes bankrupt, what happens to the HOA? I think I read somewhere the state takes over, what really happens?

[mwtosd]

To follow up on CV2’s question. If an HOA goes bankrupt, what happens to the HOA? I think I read somewhere the state takes over, what really happens?

[kelly]

I actually covered the foreclosure/HOA issue in a story recently. Here’s a link.

Here’s a bit from that story:

“Matthew Swain studies the reserves of homeowners associations for a company called Association Reserves. He said state civil code doesn’t specify exactly to what extent an association must fund its reserves, just that a board must act in the best interests of the association. But among the 12,000 associations served by his company, the average HOA is between about 30 and 40 percent funded, leaving the homeowners susceptible to special assessments in the future. …

Homeowners associations can declare bankruptcy, said Vicki Vandruff, vice president of the California Association of Community Managers. Vandruff has seen special assessments range up to $100,000.

But Vandruff and other HOA experts haven’t yet heard of associations declaring bankruptcy.”

[kelly]

I actually covered the foreclosure/HOA issue in a story recently. Here’s a link.

Here’s a bit from that story:

“Matthew Swain studies the reserves of homeowners associations for a company called Association Reserves. He said state civil code doesn’t specify exactly to what extent an association must fund its reserves, just that a board must act in the best interests of the association. But among the 12,000 associations served by his company, the average HOA is between about 30 and 40 percent funded, leaving the homeowners susceptible to special assessments in the future. …

Homeowners associations can declare bankruptcy, said Vicki Vandruff, vice president of the California Association of Community Managers. Vandruff has seen special assessments range up to $100,000.

But Vandruff and other HOA experts haven’t yet heard of associations declaring bankruptcy.”

[kelly]

I actually covered the foreclosure/HOA issue in a story recently. Here’s a link.

Here’s a bit from that story:

“Matthew Swain studies the reserves of homeowners associations for a company called Association Reserves. He said state civil code doesn’t specify exactly to what extent an association must fund its reserves, just that a board must act in the best interests of the association. But among the 12,000 associations served by his company, the average HOA is between about 30 and 40 percent funded, leaving the homeowners susceptible to special assessments in the future. …

Homeowners associations can declare bankruptcy, said Vicki Vandruff, vice president of the California Association of Community Managers. Vandruff has seen special assessments range up to $100,000.

But Vandruff and other HOA experts haven’t yet heard of associations declaring bankruptcy.”

[kelly]

I actually covered the foreclosure/HOA issue in a story recently. Here’s a link.

Here’s a bit from that story:

“Matthew Swain studies the reserves of homeowners associations for a company called Association Reserves. He said state civil code doesn’t specify exactly to what extent an association must fund its reserves, just that a board must act in the best interests of the association. But among the 12,000 associations served by his company, the average HOA is between about 30 and 40 percent funded, leaving the homeowners susceptible to special assessments in the future. …

Homeowners associations can declare bankruptcy, said Vicki Vandruff, vice president of the California Association of Community Managers. Vandruff has seen special assessments range up to $100,000.

But Vandruff and other HOA experts haven’t yet heard of associations declaring bankruptcy.”

[Author]

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