Changes to HOA Assessment Enforcement Statutes
If you need a bit more time to line-up financing or perhaps the sale of your property, the assessment enforcement statutes now allow an owner to file a "qualifying offer" with the foreclosure court that requests a temporary halt to the foreclosure proceedings of up 60 days.
The bad news is that as part of their "qualifying order" owners must include a statement in their order agreeing to pay all fees, including interest that may accrue during the stay, which according to statute, if not specified in HOA documents will be 18%!.
Other changes include specific requirements for notice that the HOA must properly adhere to prior to initiating an action to foreclose and that the owner, no matter how title was acquired, who owned the property at the time the assessment was levied is ultimately responsible for the assessments.
The bad news is that as part of their "qualifying order" owners must include a statement in their order agreeing to pay all fees, including interest that may accrue during the stay, which according to statute, if not specified in HOA documents will be 18%!.
Other changes include specific requirements for notice that the HOA must properly adhere to prior to initiating an action to foreclose and that the owner, no matter how title was acquired, who owned the property at the time the assessment was levied is ultimately responsible for the assessments.
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