Oct 19 2008

Priority Lien Bill

Published by Carolyn Thompson

Priority Lien Bill- Property Owners Better Get Informed
by Carolyn Thompson

Condominium Associations, Co-operatives and Home Owner Associations are claiming bankruptcy at staggering rates. As property owners are unable to pay their mortgages they frequently choose not to pay their HOA, Condo or Co-op dues and what they may consider less essential monetary obligations.

As a result, HOA’s, Condo Associations, and Co-ops are unable to pay for the debts that they had budgeted for. Some associations pay for common area elements, roofs, plumbing and other structural and non-structural aspects of properties. Many associations, typically condominium associations and co-operatives also pay for utilities. They also pay for garbage removal.

When an association is unable to pay for roof, plumbing and other repairs further damage is caused and the entire community suffers. This can cause devaluation of property and diminished living conditions.

I propose a nation wide priority lien law for Home Owner Associations, Condominium Associations and Co-ops. The first lien holder of a property is the taxes and the second lien holder is the applicable home association. This would help create coverage for the associations when the property owner falls behind on the association dues. When the property is sold the lien is addressed.

Associations in some states such as Maryland and Florida are suffering terribly because they have not been able to get a priority lien bill through. Other states, such as New Jersey have had priority lien in place for condominium associations for years and are taking steps to address this with home owner associations.

If you reside in MD or Florida, you can click on the link for the State Senate and the link will direct you to your state senate. Tell your Senator that you want a priority lien law. Reach your Maryland State Senator or Florida State Senator. Tell the Senator that you want a bill written and passed that will give everyone coverage and it won’t cost them any money.

In fact, when homes are in better condition and the property sells for more and the government can receive more in property taxes. Tell your State Senator that you want a priority lien bill passed that will ensure more safety for your neighborhood and high quality living conditions. These are common sense bills that must be passed. Don’t let mortgage and banking lobbyist be the only ones that have the Senators’ attention. Take action for your state, take action for yourself. If you do not like the where the lifestyle and economy are going, then do something about it.

If you don’t live in one of these three states, then please research what the law is in your state. A simple email to your State Senator will give you the answers. Do a Google search for ‘your state state senate’ . For instance, I was able to find Maryland State Senators contact information on the above link by typing a Google search ‘Maryland State Senate’. I selected the third result which was Senator by name. This permitted me to provide you with a link that will permit you to select your Senator.

Once you have determined whether or not your state has a priority lien bill, please take the time and comment on the priority lien blog. I will track of all of them, along with your suggestions and comments.

If there is another cause that you would like to get a bill created for or a bill passed, drop me a noteReal Estate Search and Sale LLC Blog. I will look into it and consider it for promotion, through articles, press releases, social media marketing and more marketing and advertising sources, via www.netmarketingsource.com. Our marketing partner, who assist in making this article possible.

Priority Lien should be your first priority.

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