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What else can I help you with?
If a homeowner pays for roofing repairs or other services in a condominium due to shortage of funds should the association reimburse the homeowner?
The key phrase in your question is 'shortage of funds'. If the association borrows money from its owners to make repairs, then the owners and the association need a written agreement that details the repayment plan. A more common and more sound approach dictates that the association levies a special assessment against all owners to pay for repairs and other services. An association that operates with a 'shortage of funds' is not an association where units will be attractive to buyers.
How do you lien a homeowner for delinquent association dues?
Liens are a legal specialty and best practices dictate that you work with association counsel to file the proper lien, properly, to maximize the association's chances that it can recover money from this action.An improperly filed, improper lien may afford the debtor defense against your claim.
How does debt consolidation save a homeowner money?
It depends on the interest rate. It can save a homeowner money by turning unsecured debt into secured debt.
How do you file a lien for nonpayment of homeowner association dues?
Liens are a legal specialty and best practices dictate that you work with association counsel to file the proper lien, properly, to maximize the association's chances that it can recover money from this action.An improperly filed, improper lien may afford the debtor defense against your claim.
Can homeowner association sell your home without you knowing?
'Not knowing it' is the key phrase in your question. Can this sale be accomplished in secret? The answer is no. If you've chosen to ignore or have chosen to disregard notices from the association -- based on your failure, then the sale has not taken place 'in secret'.
When homeowner doesn't pay when the job is finished?
demand money or else....
Do you have to pay taxes when receive money from homeowner insurance?
Yes it is possible that you could have some taxable income when you receive a reimbursement from your homeowner insurance policy.
Can a homeowner's association place a lien on a house as a penalty for convenant violations?
The homeowner association rules and state law will govern the actions that can be taken to assess and collect penalties against members who are in violation, and it may well include placing a lien prior to a lawsuit to stop the violation and collect damages or penalties. A lien would be to collect money owed the association only (such as fines for the violation)--a "notice of non-compliance" may be recorded for the violation itself. Please note that a lien or notice of non-compliance will usually be the prerequisite to a lawsuit initiated by the homeowner's association to secure compliance with the covenants/CC&Rs (injunctive relief) and/or collect the fines owed (foreclosure).
Does the treasurer of a homeowners association need to be bonded?
Your answer depends on the nature of the association and the reputation of the treasurer. Really, you're asking about the person who handles assessments and invoices and checks. Money is at the heart of any association, and every board is advised to form a finance committee -- as a form of checks and balances, to oversee association accounts. It's far too easy for the person with a signature on an association bank account -- regardless of that person's position -- to abscond with association funds. The horror stories are endless -- individual losses in the hundreds of thousands, even millions. As well, the association may not be insured for such a loss. Rare is the association that can afford such a financial hit. The savvy board understands its financial vulnerabilities and takes steps to protect its cash assets.
How do foreclosures work?
A foreclosure occurs when a homeowner defaults on their mortgage payments, and the bank sells the house in order to get it money. The homeowner has the right to redeem the house before the sale, in most states.
Who authorizes payment of condo expenses?
Association budgets are formulated at least annually, and the board develops the budgets. Owners ratify the budget using a process described in the governing documents. Astute boards review invoices and approve payment of expenses. Sadly, there are boards that spend association funds with little or no regard for budgets or Other People's Money. Owners can join together to monitor and, when necessary, relieve boards of their duties when they find board abuse of association funds.
How long does it take for HOA to put a lien on your home?
Your answer depends on the HOA's motivation to cloud your title, the amount of money you owe and the pro-active nature of board members and/or the association manager. There is no standard.
