Changes for Homeowner’s Association
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Last updated: Saturday, September 8, 2007

 

Starting July 1, 2007 a new legislation was signed by Governor Charlie Chris to prolong the assessment collection procedures. Apparently homeowner’s need more time to pay their assessments. Usually it could take about nine months to foreclose a property. Now foreclosures will take all of the nine months. Basically the Senate Bill calls for a 45 day notice in-lieu of the 30 day past due notice before a lien can be filed on a property.

 

In order to verify mailing dates, management companies should promptly send delinquent notices both certified and first class mail. This could take the place of an Attorney’s letter and would save the Association Attorney’s costs.

 

One last piece of the puzzle, the legislation also calls for a 60 day “qualifying offer”. Now a homeowner can make a deal (qualifying offer) with the Association to pay off the amounts secured by the lien up to a minimum of 60 days of pending costs (assessments, attorney’s fees, late fees and accruing interest).

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