Text 14399, 37 rader
Skriven 2011-02-23 11:05:44 av Roy Witt (1:387/22)
  Kommentar till text 14385 av Bob Ackley (1:300/3)
Ärende: Belgian world record
============================
23 Feb 11 07:16, Bob Ackley wrote to Roy Witt:

 BA>>> OTOH, my sister has a two bedroom condominium (that I could fit
 BA>>> three of into my house) in California and is sitting on a mortgage
 BA>>> balance of somewhere around US$300,000 (not quite six times the
 BA>>> balance here).  Plus, her condo association is having financial
 BA>>> difficulties because so many of the units in the complex are
 BA>>> vacant; empty units don't pay the association fees - and neither do
 BA>>> the banks that own them.

 RW>> That association must be lame. Any California HOA worth its keep
 RW>> would have billed, then when the bank failed to pay, filed a claim
 RW>> against the bank for default on their share of HOA fees.

 BA> the HOA does file a lien against the property for the unpaid dues and
 BA> fees. Unfortunately, when the bank finally manages to find a buyer
 BA> for the property it demands that the HOA waive its fees and remove
 BA> the lien to clear the title to the property for the buyer - if it
 BA> won't do that, no sale and no future HOA dues from the prospective
 BA> new tenant.

And the state won't allow a sale until such time as the bank pays the
fees. That's what liens are for. Thus, the bank will be the owner for as
long as it takes to get around to paying up. HOA fees add up over time and
that will be an incentive, along with the 'no-sale' to pay.

 BA> I'll suggest to my sister (who is on the HOA board) that the HOA go
 BA> after the property title holders instead of just the property.

Good idea...which is yet another incentive to pay the fees.

                R\%/itt

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