Rare Safe Harbor Victory for Homeowner Associations

California tenants just scored a rare victory in the state Capitol-emphasis on the rare. Check out this story on desertsun.com:.

Therefore, a homeowner's association should record its rules and regulations in the. If the winning bid at the tax deed sale is in excess of the tax certificate holder's bid. This is referred to as the lender's "safe harbor" obligation. In fact, it is not uncommon for a homeowner with a mortgage loan to not even know what.

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On the surface, Florida’s condominium and homeowners association safe harbor statutes appear to define mortgagees’ pre-title liability to an association. However, there is a tremendous amount.

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Two HOAs may have spoiled hopes for HOAs to continue collecting extra-assessment charges-including late fees, fines, interest, attorney’s fees, and costs-from banks who take title to homes and condos in mortgage foreclosure. See Catalina West HOA and Old Cutler Lakes by the Bay Comunity Association v.

I’m analyzing a 1st position NPL to buy for which the current note holder has started foreclosure. I found out that there are about $5600 in unpaid HOA dues and I found an older lien on the property from the HOA for $2000 (included in the higher figure). The home is located in WA state.

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But then the bank finds out there is a homeowners association or condo association past due amount. In each state it is different, but in Florida, it’s a nightmare. A safe harbor rule under a legal statute declares the first-lien holder can pay the lesser of either the past 12 months in assessments or 1% of the original principal balance on the.

The HOA accepted the buyer at a time when neither the mortgage nor the statutes contained any Safe Harbor provisions, telling the homeowners’ association that they will only receive the lesser of 1% of the original mortgage or 12 months of unpaid dues if the homeowner defaults on his/her payments. Association boards and owners were unaware.

Even though Safe Harbor limits the banks liability if the necessary requirements are established, some associations continue to prepare estoppel certificates asking for more than what is set forth by Safe Harbor. These associations must be careful what they ask for.