Webinar available to CAI-GLAC members and non-members.
FREE for chapter members
$35 for non-members
Once your order is processed, you can access the online class in your account area.
Assessment lien non-judicial foreclosures within a common interest development present challenging issues for the Board of Directors, none more so than the final decision to complete the foreclosure sale and terminate the ownership interest of the delinquent owner.
At the time of the foreclosure sale, the Board of Directors needs to make some difficult decisions, including:
- Does the association sell the property? What are the final options?
- Why sell the property if there is no equity? What does "stop the bleeding" mean?
- How does the sale work? What is the amount of the bid? What if there are no bidders at the sale?
- What happens right after the sale?
- What and how long is the owner’s "Right of Redemption"?
- What about mortgage payments, insurance, taxes and future HOA dues?
- What if the property is still occupied by the owner or a tenant?
- Can the association collect rents after the sale? If so, for how long?