Condo-HOA Blog - Foreclosure
Redemption Period after a Sheriff's Sale
After a judgment and decree of foreclosure was entered, a sheriff's sale was held where you were the winning bidder/purchaser, but when do you actually become the legal, title owner of the property? read more
A Serious Threat To Condominium Associations' Lien Priority
The lien priority that associations enjoy and regularly rely on is being threaten. Both Washington and Oregon have laws in place that give condominium associations a lien priority for unpaid assessments when a unit goes through a foreclosure. RCW 64.34.364 and ORS 100.450. In addition, some associations attempt to establish lien priority in their governing documents. These super-priority liens are vital to each association's economic well-being, which is why it is so surprising that they are being attacked by the federal government. read more
Are Rental Intercepts the Answer?
Rental intercept may be the answer, but diligent enforcement of the lease provisions is the key. read more
The Disappearing Declarant
More and more associations these days are experiencing the "disappearing declarant" phenomenon: The original developer suffers such financial difficulties that their unsold units are abandoned or foreclosed upon - or the declarant itself files bankruptcy or goes into receivership. Sometimes the construction stops mid-stream, leaving partially developed lots unfinished and buildings unoccupied. Clearly these associations are experiencing some down times at the very early stages of their existence. But associations should know that even under these circumstances, down is not out. Associations can take advantage of the shared goals of its members to preserve and increase their property values through the various situations discussed below. read more
Foreclosed Homes, Squatters and HOAs
Steps to avoid squatters. read more