Sep 19 2008
Real Estate- Home Owners Association Condo Assoc Priority Lien Bill
Real Estate Owners must educate themselves about the Priority Lien Bill. Haven’t heard of it. That is because the bankers and mortgage insdustry is working hard to lobby against it before it gets attention.
Many Home Owner Associations are going under, belly up, Chapter 7, Chapter 13, filing Bankrupcy because home owners who have their propertie foreclosed on are not making paying their dues a priority. The properties often sit vacant and no one pays the dues.
The associations can’t afford to make the necessary repairs and pay their bills for necessary services and utilities.
It is essential that a priority lien bill be passed in each state. This will allow the associations to get paid after the taxes but before anyone else. Everyone is going to continue to suffer if this is not addressed and from my post as Commissioner on the Commission on Common Ownership Communities, I see more associations and more people suffering unnecessarily.
You have taken the time to read this post. Take this information and spread the word. Imagine the roofs of properties go without necessary repairs. The problems are going to intensify.
If playgrounds fall into disrepair our children will be hurt. If there are no playgrounds the community will become unsociable and possibly anti social. If you think that this is exreme, you are out of touch.
If you think that this does not effect you, you are mistaken.
It is essential for everyone to live in a healthy environment. Anything less tends to tear at the threads of our culture and sends us into decline.
Please spread the word and drop a note to your governor requesting that the priority lien bill for Common Ownership Communities be passed. If they do not know what it is, take the time to enlighten them. If everyone could get their friends to send 10 emails a day, this bill would get attention.