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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: TH who wrote (95777)	7/21/2008 8:39:27 PM
From: XBrit	Read Replies (3) \| Respond to of 110194

<<The answer I was given was that the units are <sold> just not occupied, so someone must pay [HOA dues] regardless and thus there will be no upwards adjustments in association dues. I guess all bets are off if they are in foreclosure?>> I am also interested in the answer to this, although under California law in my case. Our HOA, of which I am the treasurer, currently has a 16% delinquency rate (one unit out of 6 <G>), and the non-paying guy seems to be headed for personal BK and foreclosure. I'm reasonably sure that the backlog has to be paid off eventually, it's a lien against the property and no willing buyer could buy it without satisfying that. We're consulting an attorney sometime soon, I will post what I find out. Any advice from others who've been through this is appreciated.

To: TH who wrote (95777)	7/21/2008 8:55:28 PM
From: patron_anejo_por_favor	Read Replies (4) \| Respond to of 110194

The HOA dues issue is a HUGE bone of contention. I don't live in a high rise there, so I don't see it (and less the 5% of the units in my complex are foreclosed, we haven't had problems yet with assessments to make up shortfalls). But in some highrises that got completed after the bubble burst it's a biiiiiiiggg problem. In other parts of the country as well. Prices have been sticky, but some sellers hanging onto the highrise ledge are starting to get their fingers stomped on. The forecast is for a long and steep fall.....<G>