Lunch with Mulcahy: What are the Legal Ramifications of Board Inaction?Beth Mulcahy
What happens when the association fails to file for nonprofit corporation status; does not follow the Arizona open meeting law, does not hold board meetings or annual meetings, does not have an annual audit conducted, procure adequate insurance for the association or follow state laws. These issues and more plus the Top 10 Things you need to Know about Community Association Law.
Currently, Arizona law does not require a developer or an association to create
and fund reserves for a community association. However, adequate reserve funding is in the best financial interest of the association. Reserve funding allows an
association to provide for the repair, maintenance and replacement of the association’s assets as the community ages.
Mulcahy Law Firm, P.C. Commnity Association Committee Basics Cheat SheetBeth Mulcahy
In a community association, committees are a necessary aspect of the association,
they are often used to help accomplish the many tasks required of the board of directors.
Committees are a way to formally bring people, who may have expertise on a subject,
together to share information, coordinate actions and possibly do research which is then
taken to the board for consideration and action. Committees can widen viewpoints, help
the board make decisions appropriate for the association and share some of the responsibilities
required of the board of directors.
Getting the Vote: What it Takes to Change Your CC&R'sBeth Mulcahy
Mulcahy Law Firm, P.C. puts together an easy, 5 step plan for amending your Community Association documents. Reserve Funds are also discussed, including how to make, keep, and grow your community association's investments.
Act no. 31/2014, dated 3 December, amends the Spanish Companies Act to improve corporate governance (Official State Gazette, BOE no. 293, of 4 December, 2014) introduces substantial changes to Royal Legislative Decree 1/2010, dated 2 July enacting the Consolidated Companies Act, affecting shareholders and meetings, and Company Directors.
The law reform shall come into force on 24 December 2014. There is a transitional period for the companies to introduce important changes in their Articles of Association and/or organization strutures. Changes shall come into force as from 1 January 2015, and the companies shall, on the first shareholders General meeting to be held after that date, adapt their internal regulations to the newly amended law.
The Meisner Law Group - Community Association Seminar pt 4Robert M. Meisner
Slides from the fourth evening of our four-week course offered October 4 through October 25, 2016 for Michigan community association board members, managers and owners. If you missed this one, we will be offering courses again in the spring and fall of each year.
Lunch with Mulcahy: What are the Legal Ramifications of Board Inaction?Beth Mulcahy
What happens when the association fails to file for nonprofit corporation status; does not follow the Arizona open meeting law, does not hold board meetings or annual meetings, does not have an annual audit conducted, procure adequate insurance for the association or follow state laws. These issues and more plus the Top 10 Things you need to Know about Community Association Law.
Currently, Arizona law does not require a developer or an association to create
and fund reserves for a community association. However, adequate reserve funding is in the best financial interest of the association. Reserve funding allows an
association to provide for the repair, maintenance and replacement of the association’s assets as the community ages.
Mulcahy Law Firm, P.C. Commnity Association Committee Basics Cheat SheetBeth Mulcahy
In a community association, committees are a necessary aspect of the association,
they are often used to help accomplish the many tasks required of the board of directors.
Committees are a way to formally bring people, who may have expertise on a subject,
together to share information, coordinate actions and possibly do research which is then
taken to the board for consideration and action. Committees can widen viewpoints, help
the board make decisions appropriate for the association and share some of the responsibilities
required of the board of directors.
Getting the Vote: What it Takes to Change Your CC&R'sBeth Mulcahy
Mulcahy Law Firm, P.C. puts together an easy, 5 step plan for amending your Community Association documents. Reserve Funds are also discussed, including how to make, keep, and grow your community association's investments.
Act no. 31/2014, dated 3 December, amends the Spanish Companies Act to improve corporate governance (Official State Gazette, BOE no. 293, of 4 December, 2014) introduces substantial changes to Royal Legislative Decree 1/2010, dated 2 July enacting the Consolidated Companies Act, affecting shareholders and meetings, and Company Directors.
The law reform shall come into force on 24 December 2014. There is a transitional period for the companies to introduce important changes in their Articles of Association and/or organization strutures. Changes shall come into force as from 1 January 2015, and the companies shall, on the first shareholders General meeting to be held after that date, adapt their internal regulations to the newly amended law.
The Meisner Law Group - Community Association Seminar pt 4Robert M. Meisner
Slides from the fourth evening of our four-week course offered October 4 through October 25, 2016 for Michigan community association board members, managers and owners. If you missed this one, we will be offering courses again in the spring and fall of each year.
The law imposes a high standard of conduct on directors and officers. If a director or officer falls below this standard, they may face personal liability. This presentation will provide an overview of the duties and liabilities faced by a company’s Board, including strategies for avoiding the pitfalls associated with acting as a director or officer.
Summary of the Changes to the Michigan Nonprofit Corporations Act that Affect...Fraser Trebilcock Lawyers
Effective January 15, 2015, Governor Snyder signed into law Senate Bills 623, 624 and 929. These three Bills amend the Michigan Nonprofit Corporation Act (the "Act") which is the law under which most trade associations operate. Some of the amendments require action by management to amend bylaws or articles of incorporation, but most will not.
Managing a subdivision or a homeowner's association requires an unpaid, all volunteer panel of Board Members who are responsible for governing the bylaws, amendments and covenants of your subdivision. Too often, Board members lack the knowledge to maintain operational structure, have limited understanding or resources upon which to draw from or skills to organize a majority-driven community for long-term sucess.
April 22, 2010 slideshow prepared by Sandra Gottlieb, Esq. and Tracy R. Neal, Esq. of Association Lien Services regarding collecting delinquent assessments for homeowner associations in California.
The law imposes a high standard of conduct on directors and officers. If a director or officer falls below this standard, they may face personal liability. This presentation will provide an overview of the duties and liabilities faced by a company’s Board, including strategies for avoiding the pitfalls associated with acting as a director or officer.
Summary of the Changes to the Michigan Nonprofit Corporations Act that Affect...Fraser Trebilcock Lawyers
Effective January 15, 2015, Governor Snyder signed into law Senate Bills 623, 624 and 929. These three Bills amend the Michigan Nonprofit Corporation Act (the "Act") which is the law under which most trade associations operate. Some of the amendments require action by management to amend bylaws or articles of incorporation, but most will not.
Managing a subdivision or a homeowner's association requires an unpaid, all volunteer panel of Board Members who are responsible for governing the bylaws, amendments and covenants of your subdivision. Too often, Board members lack the knowledge to maintain operational structure, have limited understanding or resources upon which to draw from or skills to organize a majority-driven community for long-term sucess.
April 22, 2010 slideshow prepared by Sandra Gottlieb, Esq. and Tracy R. Neal, Esq. of Association Lien Services regarding collecting delinquent assessments for homeowner associations in California.
Kegler Brown’s 2018 half-day legal seminar with guest speakers Scott Goen of Cardinal Health and Rebekah Smith of GBQ Consulting, alongside our Creditors’ Rights + Bankruptcy team.
Topics Included:
Hot Topics in 2018:
Christy Prince, Director, Kegler Brown
Stephanie Union, Of Counsel, Kegler Brown
Identifying Warning Signs in Financial Statements:
Rebekah Smith, CPA, CVA, MAFF, CFF
Director of Forensic & Dispute Advisory Services, GBQ
Best Practices: Designing Credit Applications:
Larry McClatchey, Director, Kegler Brown
Scott Goen, Manager, Credit Underwriting Retail, Cardinal Health
Strategies to Optimize Financial Outcomes in Cross Border Transactions:
Luis Alcalde, Of Counsel, Kegler Brown
Foreclosures and Short Sales November 2008BillMcMannis
This is my presentation I used in 2008 to train real estate agents in how to properly manage short sales. The material is a little out of date, but I believe is continues to give a concise overview of how the foreclosure process works in North Carolina.
For many debtors, handling an outstanding money judgment can be frustrating and even immobilizing. A Proven Resource managing attorney discusses 6 things to consider when trying to resolve an outstanding judgment.
Residential purchases are now made easy with Plus Your Settlements. Our experienced team will make all communications and fasten the process. Visit: http://www.plusyoursettlements.com.au/about
Oeiras Tech City, Developed by RE Capital and REIG, Will Become Lisbon's Futu...Newman George Leech
Oeiras Tech City, a historic development in the Oeiras municipality of Lisbon, is acquired by RE Capital and REIG. It is located on a 93,000-square-meter plot of land and combines co-living, business, and residential areas. It highlights ESG principles and is close to Tagus Park, which improves the urban landscape of Lisbon.
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
Simpolo Tiles & Bathware
Tile ho,
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Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
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Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
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Possession year (Handover year)- Dec 2025
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For more information contact AASHIYANA STAR PROPERTIES
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Referans Bahcesehir which is being constructed, in the center of the most regional destination as Bahçeşehir, shines out with its central location and unique landscape including social facilities such as a fitness center, sauna, sports facilities, children’s playground and recreational areas.
Not only drawing attention for immediate surroundings including commercial centers and private schools but also providing the easily accessible location with closeness to Tem Highway and connection roads, ongoing construction of 3rd Bridge Connection roads and Metro Projects
Bahcesehir is a rising value in the great city of Istanbul… Located at a new transportation junction in the northwest of the City… Located at such a spot that the access roads for the 3rd bridge and for the 3rd Airport will reach the region in 2016. The Marmaray and the Subway will extend all the way to Referans Bahcesehir respectively in 2018 and 2019.
465 flats and 34 stores are designed with an outstanding approach and arranged with a unique perspective offering the following options: 1 plus 1, 2 plus 1, 3 plus 1, 3.5 plus 1, 4 plus 1, and 4.5 plus 1. It is planned so as to safeguard you and your loved ones based upon a modern, technological safety approach. As you experience the joy and luxury here, you will be content and feet at ease.
It is worth seeing both inside and outside with heart-warming cafes, tasty restaurants and elegant stores… And it is ready to offer a vivacious social life with a warm and cozy space design.
A folding swimming pool and indoor swimming pools, playgrounds, Turkish bath, sauna… It has them all. Everything you need for your well-being and for having a pleasant time will be at your service. You simply need to align the rhythm of life with the rhythm of Referans Bahcesehir.
https://listingturkey.com/property/referans-bahcesehir/
BricknBolt Understanding Load-Bearing Walls and Their Structural Support in H...BrickAndBolt
Load-bearing walls are the backbone of any home construction, providing crucial structural support that carries the weight of the house above. For companies like Brick and Bolt Mysore and Bricknbolt Faridabad, understanding and properly implementing these elements are key to constructing safe and durable buildings.
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
Avrupa Konutlari Yenimahalle - Listing TurkeyListing Turkey
Welcome to Avrupa Konutları Yenimahalle, where luxury living meets unparalleled convenience in the heart of Istanbul. Developed by Artaş Holding, one of Turkey’s leading construction companies, this prestigious residential project offers a contemporary lifestyle experience like no other.
https://listingturkey.com/property/avrupa-konutlari-yenimahalle/
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
One FNG by Group 108 Sector 142 Noida Construction UpdateOne FNG
One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
MC Heights-Best Construction Company in jhanglaraibfatim009
MC Heights stands as the epitome of excellence in construction within Jhang. With a commitment to unparalleled quality and innovative design, MC Heights redefines urban living in the heart of Jhang. Offering luxurious residential spaces, cutting-edge commercial complexes, and vibrant community areas, MC Heights caters to the diverse needs of modern lifestyles. Our dedication to superior craftsmanship and customer satisfaction ensures that every aspect of MC Heights exceeds expectations, making it the premier choice for those seeking unparalleled sophistication and comfort in Jhang.
6. 1. Obtain Information On Owners Upfront
Create a form to obtain the following information from
homeowners at the close of escrow:
Bank information
Place of employment
Mortgage company
Mailing address
Update and retain an owner’s information:
Keeping copies of an owner’s checks
Noting place of employment
Information regarding potential renters
7. 2. Accurate Bookkeeping
Accounting records should be:
Accurate
Easily available
Reflect current charges and payments
At anytime, particularly in litigation, it is very important for
the association to be able to provide the homeowner or court
with the status of account(s).
8. 3. Collection Policies
Collection policies in place allow:
Quick notification regarding delinquency policy and
Intended course of action
Encourage prompt payment
9. 4. Late Fees
Late fees should:
Be uniformly and strictly imposed
Within the limits of the law
For planned communities, late fees cannot exceed $15 or 10% of
the assessment, whichever is greater.
10. 5. Communication with Owners
The association should use open and continuous
communication with owners (i.e. newsletters and demand
letters) regarding the need for timely payment of
assessments and the procedures the association will follow
in the event of non-payment of assessments.
11. 6. Timely Action
Timeliness is the key to successful collections!
60-90 days past due record a notice of lien on the lot/unit
Do Not Delay - provide the attorney
all pertinent and complete information on file:
name of owner, address, breakdown of charges
previous correspondence/owner and association
After a file is forwarded to the attorney
forward all correspondence to the attorney to handle
consult the attorney for payoff amounts
12. 7. Due Diligence / Credit Evaluations
Prior to pursuing collection, run due diligence checks:
Ownership records
Trustee Sale search
Potential Bankruptcy filings
Recorded liens
Run an address search for new mailing addresses
Make an informed decision:
The association’s attorney should run a credit check to
evaluate the value of and risks of collection.
13. 8. Understand Available Legal Remedies
Justice court action vs. foreclosure
Utilizing the association’s legal remedies is often the most
successful tool for the association to collect delinquencies.
14. Personal Judgment Against the Owner
Justice Court
Association attorney files a lawsuit against the owner and
obtains a judgment against the delinquent owner
personally
With the judgment, the association can:
Garnish the owner’s wages, bank accounts or
Rent payments or
Levy and execute on other real or personal property
15. Disadvantages to
obtaining a personal
judgment in
Justice Court
Benefits to obtaining a
personal judgment in
Justice Court
Fast - usually four to six
months to obtain a
judgment
Cost efficient approximately $700 $1,000 in attorneys’ fees
and court costs
The judgment may not be
collectible if the
individual has no assets.
If bankruptcy filed:
debtor can be discharged
from the entire debt, and
the proceedings halted
due to the automatic stay
of the bankruptcy.
16. Foreclose an Assessment Lien on the Lot / Unit
Superior Court
Requirements to Foreclose:
Assessments one year delinquent or
$1,200+ delinquent assessments (whichever occurs first)
Under this option:
Association records a lien on the lot/unit and
The attorney files a lawsuit to foreclose the lien
Judgment obtained against the owner which orders a
sheriff’s sale of the lot and
A deficiency judgment against the owner
17. Benefits to foreclosure of an assessment lien
Superior Court
The delinquent owner can be evicted after 30 days or 6
months
The delinquent owner may attempt to settle the lawsuit
If the property is sold at the sheriff’s sale for an
amount that exceeds the judgment, the association will
recover the full amount owed to the association.
18. Disadvantages to foreclosure of an assessment
lien–Superior Court
Estimated legal fees and court costs $1,500.00 to $2,500.00
Approximately 6 months to 1 year
Owner files for bankruptcy, the foreclosure or sheriff’s sale
will be halted
Owner stops paying the mortgage, the first deed of trust
could foreclose before the association and wipe out the
association’s lien
Owner pays within 30 days or 6 months after the sheriff’s
sale, he/she can redeem the property
19. Our firm strongly suggests
Prior to instituting legal action make an informed decision:
Research the credit history
Research status of the first deed of trust
Research financial condition of delinquent owners
20. Enforcement of CC&Rs
Courtesy Reminder Letter
Formal Violation Letter
Under Arizona law, after notice (the violation letter) and
an opportunity to be heard an association or board of
directors may impose reasonable monetary penalties on
members for violations of the declaration, bylaws and
rules and regulations of the association.
21. Enforce payment of fines:
1. Filing a lawsuit against the owner
2. Obtaining a judgment against the owner
3. Recording the judgment with the county
Recorder’s Office.
“Self-help”
Litigation
22. Owner responds after notification:
• By certified mail to the association
• Within ten (10) business days after notice
• Association may not proceed with action to
enforce
Association responds in writing within 10 business
days with:
1. The provision violated;
2. Date of the violation or date was observed;
3. First and last name of the person(s) who observed
the violation; and
4. Process to contest the notice.
Association may proceed
23. Deed Enforcement, Fine and Notification
Policies:
• Adopt a deed enforcement policy
• Notify residents
• Outline the steps the association will take to
address a violation
• Reminders to the owners
24. Trustee Sales
If an owner becomes delinquent with his mortgage or deed
of trust company, the mortgage or deed of trust company
may initiate foreclosure proceedings on the owner’s
property by noticing a Trustee’s Sale.
25. Secure the association’s interests
A lien places the Trustee on notice of the association’s
interests:
Association will receive notice of the Trustee’s sale
Association will receive notice of excess proceeds, if
any
26. Notice of Trustee’s Sale
A Notice of Trustee’s Sale is:
Recorded with the county recorder’s office
Posted at the property being sold
1. Notice, sale location, contact information
2. Description and address of the property
3. Name of the beneficiary - e.g. mortgage company or deed
of trust
4. The recording number of the mortgage or deed of trust
5. The principal balance owed
6. The Trust or - e.g. the owner of the lot
7. The date of the Trustee’s Sale.
27. The Trustee
The mortgage or deed of trust company assigns a Trustee
to manage the affairs
The Trustee may be contacted for updated information
28. Events that may occur regarding a Trustee’s
Sale
Postponement of a Trustee’s Sale
Cancellation
Revert back to the beneficiary
Sale
30. Events that require close monitoring
Owners file for bankruptcy, transfer ownership (sale)
or intend to sell the property
If the property is sold at the Trustee’s Sale and excess
proceeds are generated
If the property is sold at the Trustee’s Sale and excess
proceeds are generated, but are deposited with the County
Treasurer’s Office
31. Bankruptcy
When a homeowner files a bankruptcy (and lists an
association as a creditor in the bankruptcy), there is an
automatic stay in place, which prohibits the association
from proceeding forward with collection against the owner
or face strict and costly penalties.
Owner’s file should be clearly flagged as a bankruptcy
file, so that no actions are taken in violation of the stay.
Two types of bankruptcies:
Chapter 7
Chapter 13
32. Chapter 7 Bankruptcy
A Chapter 7 Bankruptcy is generally, but not always, a no
asset bankruptcy
If owner owes delinquent assessments, association should
file Notice of Appearance
Monitor status
33. Chapter 13 Bankruptcy
Called a “wage earners” bankruptcy
Association should file a Notice of Appearance and a
Proof of Claim
Debtor files a proposed plan in which to pay creditors
back
34. Responsibility for Post-bankruptcy
Assessments
A homeowner is responsible for all assessments, late fees
and other charges, including bankruptcy related attorneys’
fees after the date of filing.
Lift of Stay
If the owner is not paying post-petition assessments and
not responding to post-petition demand letters, the
association has the opportunity to file a motion to the
Court requesting a relief of stay.
35. Date of Filing
The date that triggers the automatic stay
Date of Discharge Chapter 7
The date the Court grants the debtor a personal discharge of
all debt owed as of the date filed for bankruptcy protection.
Date of Discharge Chapter 13
The date the Court grants the debtor a discharge of all debt
owed and not paid pursuant to the Bankruptcy Plan, as of the
date filed for bankruptcy protection.
36. Date of Termination or Closing of Case
The date that the bankruptcy case has been closed or
terminated and the automatic stay is no longer in effect
Property Sold by Owner During Bankruptcy
Term
All amounts are due and owing! A payoff should include
pre-petition debt and post-petition debt due to the
association
Dismissal of Bankruptcy
When a case is dismissed, it’s as if it were never filed
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February 6, 2014
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Ramifications of Board Inaction?
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