[cv2]

The strategy we used is to use our junior lien to force the foreclosure as soon as possible. As many of you have said, nowadays it is not good to be a junior. By forcing the foreclosure you are speeding up the process tremendously because banks are swamped with NOD and are not proceeding to foreclosure. This is also a trick on the bank because that’s unrealized loss (or maybe uncollected interest) vs real loss on the book. Once it is foreclosed, you can start collecting HOA dues on the new owner. Banks can’t sell it until the HOA dues are current.

Granted lawyers are expensive but in the long run it will save HOA money. Also as a matter of principle, if you live here, you have to be responsible and do not expect others to take your burdens.

[cv2]

The strategy we used is to use our junior lien to force the foreclosure as soon as possible. As many of you have said, nowadays it is not good to be a junior. By forcing the foreclosure you are speeding up the process tremendously because banks are swamped with NOD and are not proceeding to foreclosure. This is also a trick on the bank because that’s unrealized loss (or maybe uncollected interest) vs real loss on the book. Once it is foreclosed, you can start collecting HOA dues on the new owner. Banks can’t sell it until the HOA dues are current.

Granted lawyers are expensive but in the long run it will save HOA money. Also as a matter of principle, if you live here, you have to be responsible and do not expect others to take your burdens.

[cv2]

Get involved with your HOA is the best way 🙂

[cv2]

Get involved with your HOA is the best way 🙂

[cv2]

Get involved with your HOA is the best way 🙂

[cv2]

Get involved with your HOA is the best way 🙂

[cv2]

Get involved with your HOA is the best way 🙂

[cv2]

Same thing is happening in the Hamptons

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

[cv2]

Same thing is happening in the Hamptons

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

[cv2]

Same thing is happening in the Hamptons

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

[cv2]

Same thing is happening in the Hamptons

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

[cv2]

Same thing is happening in the Hamptons

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

[cv2]

Being a board member of a condo complex for the past five years, I have pushed our board to aggressively pursuit the foreclosure of non-payment condos. It sets a good example to other home owners that if you do not pay your HOA dues, you do not belong to here.

I am happy to report that our complex is in good shape with less than 40% in rentals, over 50% funded reserve and only 1 serious delinquency of HOA dues.

[cv2]

Being a board member of a condo complex for the past five years, I have pushed our board to aggressively pursuit the foreclosure of non-payment condos. It sets a good example to other home owners that if you do not pay your HOA dues, you do not belong to here.

I am happy to report that our complex is in good shape with less than 40% in rentals, over 50% funded reserve and only 1 serious delinquency of HOA dues.

[cv2]

Being a board member of a condo complex for the past five years, I have pushed our board to aggressively pursuit the foreclosure of non-payment condos. It sets a good example to other home owners that if you do not pay your HOA dues, you do not belong to here.

I am happy to report that our complex is in good shape with less than 40% in rentals, over 50% funded reserve and only 1 serious delinquency of HOA dues.

[Author]

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