Mortgage holders don't like it when property owners do not pay their maintenance fees

Use Riders to Collect Delinquent HOA Fees

If you have purchased a condominium or property in an HOA you have signed a rider. For condos its called a Condo Rider. For HOAs its Called a PUD Rider. This rider is an attachment to the document recorded in the land records to secure the note given by the lender (aka mortgage). These riders are a path to collect delinquent HOA and Condo Fees. Banks Have a Stake in Assessments Being Paid One of the most important items contained in the Rider deals with maintenance fees. It is very important to the lenders that these fees are current. The mortgage company has an interest in the property. The mortgage company wants… Read More

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FHA Approval Can Raise Property Values…Don’t let Condo Delinquencies Stand in the Way

FHA Approval Can Raise Property Values…Don’t let Condo Delinquencies Hurt

Despite all the lovely roads and fire trucks we encounter every day, people still like to complain that their taxes aren’t being put to good use. It would seem they’ve never heard of an FHA loan. These aren’t mortgages issued by the Federal Housing Authority, rather ones insured by them. This insurance enables the lender to offer terms with significantly reduced down-payments, sometimes as low as 3.5% of the purchase price. And while the program explicitly exists to aid home buyers and not investors, it can still provide a significant boost to property values.  FHA approval is critical so don’t let condo delinquencies hurt you. If a building has FHA approval, the… Read More

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Keep an eye on your condo and HOA ledgers

Are your Community Association Ledgers accurate?

Are your community association ledgers accurate and are they being kept properly? Are they in good enough order that you would sit in a courtroom and swear under oath that they are accurate? If you have any doubt here are a few pointers that may help keep your ledgers in good order. WHAT YOU NEED TO ENSURE YOUR UNIT LEDGERS ARE IN ORDER As with anything you deal with in a community association the first thing you must do is read the governing documents and answer the following questions: What is your pay period (monthly, quarterly, annual)? What day are your assessments due? What is the grace period allowed in your… Read More

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