The Wall Street Journal recently reported that secured bank lenders to General Motors would get a full recovery on $6 billion in loans made to the auto maker, under the bankruptcy plan being finalized by the U.S. Treasury. If you are asking what this has to do with California community…
The Wall Street Journal reports that there is another sign that California’s foreclosures could jump in 2009: Delinquencies on dues (assessments) owed to homeowner associations have risen sharply. This is not a surprise to those of us in the trenches. Many managers report to us that they can barely keep…
Association Lien Services has been successfully collecting delinquent assessments, non-judicially, for over twenty years and has weathered a few economic downturns along the way. However, never before have we encountered such a perfect storm of economic turmoil. In the past, as now, when there has been a burst in the…
Never in more than 20 years has ALS experienced a time when assessment collection has been as complicated and difficult as it is today. Many boards of directors are unsure as to what to do when an owner is not paying their association or the senior lien holder/lender is not…
This economic downturn and the significant increase in the number of delinquent homeowners are impacting all community associations. To be sure, some are facing more delinquencies than others. But even the most affluent communities have homeowners that bought their homes at the height of the market with adjustable rate loans…
2008 was a banner year and for all of the wrong reasons. Foreclosure activity was way up, and the experts project that we will not see a decline in foreclosures in the near future. RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, released its 2008 U.S. Foreclosure Market Report™,…
With the world’s economy in turmoil and a significant increase in the unemployment rate, experts are forecasting a big increase in the number of bankruptcy filings in 2009. If your Association receives a Notice of Bankruptcy filing by one of its owners, don’t panic as there are some remedies. But…
Interesting news report on NPR (National Public Radio) on the effect that this financial crisis is having on community associations: Homeowners associations across the country are being hit hard by the foreclosure crisis. Millions of dollars of monthly dues are going unpaid. Neighbors are left to pick up the tab…
Click here to read an interesting article discussing what we all know, that some owners cannot afford their homes and are not paying their regular or special assessments. They may lose their homes. And this comes from North Carolina.
Our country and most of the rest of the world are in an economic recession, and we are all suffering the fallout from the most significant and severe economic crisis since the Great Depression. Major corporations are filing bankruptcy and are going out of business, banks are being taken over…