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3/7/2012 8:59:32 AM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823903
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On the issue of getting a judgement against delinquent properties if the property is "underwater" and the mortgage holder takes it back it's my understanding that the mortgage holder is responsible for all unpaid taxes. Is there a Forum member that's a lawyer or real estate broker that might have a better understanding of the rules?
I also believe if the property is sold the tax judgement must be cleared before transfer of the deed can be completed so either way we would get our money. One more thing, when word gets out that the association is hammering delinquent owners maybe a few of them will get religion and pay up. My point is we have to start somewhere and do something sooner rather than later, the current process isn't going anywhere. |
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For reference, the above message is a reply to a message where: Lastly limiting the number of passes sold to the number of spaces in the lot would be a disasterOh well, we lost, no suprise, when was the last time we won a court case? Against SPN related to the failed original Community Center project. Lastly limiting the number of passes sold to the number of spaces in the lot would be a disaster It would also be absolutely STUPID, probably costing the association $250,000 a year in more red ink. On the issue of unpaid assessment, if they are at least a year past due file suit today in county court, get a judgement and force a sheriff sale, when notices of the sale get glued to the front door I bet you will see some action. I bet we could find a young lawyer that would do it on a contingency basis, maybe a third of everything collected. I believe it is more complicated than you think. Among the many issues to consider is foreclosing and ending up with a property that has a mortgage higher than what it could be sold for. |
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