4 Ways Condo & HOA Liens Work To Get You Paid
 

4 Ways Condo & HOA Liens Work To Get You Paid

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When a property or unit owner fails to pay dues or assessments, associations and communities suffer. One way to collect on these unpaid amounts is to file a lien against the property in arrears. But, ...

When a property or unit owner fails to pay dues or assessments, associations and communities suffer. One way to collect on these unpaid amounts is to file a lien against the property in arrears. But, how exactly does this work? Will it get the association paid?

This presentation explores the 4 top ways that these lien claims work to get the associations paid.

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    4 Ways Condo & HOA Liens Work To Get You Paid 4 Ways Condo & HOA Liens Work To Get You Paid Presentation Transcript

    • 4 WAYS A CONDO OR HOA LIEN WORKS TO GET ASSOCIATIONS PAID PUBLISHED BY
    • Liens EncumberThe Property & 1Get AttentionThe Lien document is recorded withland records and will appear on a titlesearch of the property. As a practicalmatter, this means the property willnot be sold, refinanced or otherwisetransferred without the lien claimbeing resolved.This gets the owner’s attention, even ifthe owner isn’t immediately planningto sell, transfer or refinance.
    • A Lien PrioritizesThe Association’s 2Debt Above Others Property or unit owners are sometimes behind on dues or assessments because they simply can’t afford to pay them. Perhaps the owner is even facing foreclosure or bankruptcy. Lien claims help in these circumstances, sometimes elevating the association’s debt above other debts (including existing mortgages). This means the association gets paid first when the property is foreclosed upon and sold.
    • Liens Help YouAvoid Nasty AndExpensive Lawsuits 4 When a owner fails to pay dues or assessments, an association has just two choices: File a lawsuit, or file a lien. Lawsuits are expensive and take a long time. Liens are preferred even if litigation is eventual, as most states allow condo and homeowner association liens to be judicially foreclosed upon without a full legal proceeding.
    • A Lien GivesYour Association 17Needed Leverage Let’s get down to the big point here. All of these “ways” a lien works boils down to this one: A lien creates leverage. It creates lots of leverage, and the leverage can come in many forms. Regardless of form, however, the result is the same: payment.