Priority Lien Bill- What Home Owners Don’t Know
Condominium Associations, Co-operatives and Home Owner Associations are filing bankruptcy at alarming rates. As property owners are unable to afford their mortgages they frequently choose not to pay their home owner association, condo association, or co-op dues and what they consider less important monetary obligations.
As a result, Home Owner Associations and Condominium Associations are unable to pay for the debts that they had budgeted for. Numerous 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 plumbing, roof and other repairs additional damage is caused and the entire community suffers. This can cause a further devaluation of property and poor living conditions.
I suggest a national priority lien standard for HOA’s Condo Assoc, and Co-ops. The first lien holder of a property is the taxes and the second position lien holder is the applicable home association. This would help create coverage for the associations when the property owner does not pay the association dues. When the home is sold the lien is paid.
Associations in states such as Maryland and Florida are suffering tremendously because they have not been able to get a priority lien bill passed. Other states, such as New Jersey have had priority lien in place for condominium associations for years and are now taking steps to add coverage to HOA’s.
If you reside in MD or Florida, you can click on the link for the State Senate and the link will bring you to the state senate. Inform your Senator that you want a priority lien law. Reach your Maryland State Senator or Florida State Senator. Tell them that you need a bill to be created and passed that will give everyone coverage and it will not cost them a penny.
In fact, when properties are in better care and they sell for more and the states is able collect more in property taxes. Tell your State Senator that you want a priority lien bill passed that will help ensure the safety of your community and high quality living conditions. These are common sense bills that must be passed. Don’t let banking and mortgage lobbyist be the only ones that have the ear of the Senators. Take a stand for your community, take a stand for yourself. If you do not like the where the lifestyle and economy are going, then do something about it.
If you don’t reside in one of these three states, then please research what your state law is. A simple email to your State Senator will get you the response. 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 help you reach your Senator.
After determining 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, as well as your comments and suggestions.
If you have another cause that you would like to get a bill created for or a bill passed, please drop me a noteReal Estate Search and Sale LLC Blog. I will research and consider it for promotion, through articles, press releases, social media marketing and more marketing and advertising sources, via www.netmarketingsource.com. Our advertising and marketing partner, who help make this article possible.
Priority Lien should be your first priority.
- Carolyn Thompson
:: Nov.06.2008 :: Home :: No Comments »
