In my Condo. in FL the bank owned units are not paying maint. and assessments.
to the original poster: you should address you issue with your management or board. You can ask for a copy of current delinquency report. This report should show all the addresses of units/houses that are in arrears. We do not know in which state is your property so can't provide specifics, however, I doubt the bank will pay any special assessments passed after taken title to foreclosed properties.
In Florida after the SB1196 passed the association can collect the dues from owner not paying their assessment through the Tenants (if applicable), as well after the bank foreclosure they need to pay 12 month or 1% (whichever is less) worth of assessment, the association also can foreclosure on the owner and rent out the unit. You may also check F.S. 718.
Check this link http://www.becker-poliakoff.com/pubs/articles/adams/adams_2010_08_08.pdf
download your state condominium act from "http://www.ccfj.net/condo718statutes.html"
Find your answer in this statue
The new laws in Florida are not worth the paper they are written on. Talk to any experienced collections attorney and he will give you the facts. What is happening in real life as far as associations actually collecting past due assessments from banks, is a very different story from what the media headlines say.
In my state ,Maryland, when a foreclosed unit is sold the back condo fees ate part of the buyers cost and at settlement they are paid to the condominium assocuiation. But the Board of Directors must keep track of these proceedingsd and adviise the closing agent of the amount due. If the Board does not notify they will not collect the overdue monthly fees and/or assessments.
Now I am asking a question instead of commenting.
Must a management service provide everyone a copy of who is current and who is late with their fees. Is this assesment fee and or condo fees. I live in Pa. and there is people (3) who are behid....actually way behind and the former board said they cannot tell us who it is. How can the new board member find this out from the management service. Does the new President have a right to know all this or is it a privacy act?
I , too would like to know how to publish a delinquency report to all condo owners in our 10 unit condo building , we also have 3 people who regularly does not pay their assessments that puts a burden on those who do pay to keep our utilities, and other monthly obligations.
look at sect3301-3320 of the Pennsylvania Condominium Act.
For those who are not paying or are in arrears get a lawyer and file a lien against them.If you have a management company who said they can't help in this mkatter I'dsuggest firing them and replace with a licensed experienced firm.
Charles, you are lucky that in your state buyers are paying the monies due to your association upon closing of REOs (bank owned properties.) However, it may a different story when the bank takes title but there is no buyer.
Ethel, when an association is professionally managed by a company they have to provide the board with a delinquent report on a monthly or quarterly basis. It depends on your association doments, your state laws, and ultimately the discretion of the board, whether or not these delinquency reports can be accessed by the membership and/or published. Most boards use caution and never publish names, addresses only.
The state is WA
Our HOA is having a special assessment which is $150.00 a month for 6 months. Out of 81 units I know two that are bank-owned, one has a default notice on the door. If these units do not pay the assessment, is it absorbed by the other members in the HOA community? Is there a way to tell how many units are in default or not paying dues. I would like to know what this assessment will really cost me. Thanks
If the property manager, board of directors, or the association attorney does not have a handle on the status of your units then you have a serious problem.
The answer is simple: If the bank has foreclosed on the unit then they the assessments (regular and special) go to their unit ledger. If they are not paying then you can lien the bank and foreclose the unit on behalf of the association. An owner is an owner and if the bank owns the unit then they have to pay.
If the unit is still owned by a entity who is in default then the charge for assessments goes on the ledger and will settle out when a new owner buys the unit or the owner pays their arrears.
Its not rocket surgery.
Several condos in So FL opt not to foreclose on the unit so they are not subject to the max 12-month collection law. They keep the numbers in their books and when it is sold, collect from one of the two parties of the contract the full amount. I was part of a deal in the last year wherein $25K out of a $38K sale went to pay off the condo association. Association will not issue the required APPROVAL Certificate until it was agreed that they would be paid the amount owed - in full. Uncertain how a $225/mo due could add up to $25K in fees -- I guess collection fees mounted to a significant portion f the paid amount.