JoyceB5
Posts: 5
Posts: 5
Posted:
Does your property management company have to be licensed and boned in order to handle an HOA's finances? Also is there a minimum dollar amount you have to owe before your home can be foreclosed on?
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Does Property Management company have to be licensed
Started by JoyceB5 • 2 replies • 1407 views
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MelissaP1
Posts: 13,734
Posts: 13,734
Posted:
Your management company should have a business license to even be in business. As for being bonded, that's not always necessary but who would want to do business without it? I'd recommend they be INSURED for atleast a Million dollars.
It depends on your HOA where they set a limit. Some HOA's never foreclose while others practice it more frequently. It's a last resort step. The HOA will most likely lien the property instead and leave it at that. It really depends on the situation.
We had a policy of 6 months of back dues equal a lien. A year of NOT paying, then we got more aggressive. Making sure we had made proper contact and the owner was aware of the lien/dues etc... It was their response or lack of one that we may start to discuss foreclosure. It's NOT a money making process for a HOA. It just stops the bleeding...
It depends on your HOA where they set a limit. Some HOA's never foreclose while others practice it more frequently. It's a last resort step. The HOA will most likely lien the property instead and leave it at that. It really depends on the situation.
We had a policy of 6 months of back dues equal a lien. A year of NOT paying, then we got more aggressive. Making sure we had made proper contact and the owner was aware of the lien/dues etc... It was their response or lack of one that we may start to discuss foreclosure. It's NOT a money making process for a HOA. It just stops the bleeding...
Former HOA President
JanetB2
Posts: 4,213
Posts: 4,213
Posted:
Hi Joyce:
Not sure on foreclosure for your state; however, a lien is effective after 30 days or more per:
§ 47F 3 116. Lien for assessments.
(a) Any assessment levied against a lot remaining unpaid for a period of 30 days or longer shall constitute a lien on that lot when a claim of lien is filed of record in the office of the clerk of superior court of the county in which the lot is located in the manner provided herein. Prior to filing a claim of lien, the association must make reasonable and diligent efforts to ensure that its records contain the lot owner's current mailing address. No fewer than 15 days prior to filing the lien, the association shall mail a statement of the assessment amount due by first class mail to the physical address of the lot and the lot owner's address of record with the association, and, if different, to the address for the lot owner shown on the county tax records and the county real property records for the lot. If the lot owner is a corporation, the statement shall also be sent by first class mail to the mailing address of the registered agent for the corporation. Unless the declaration otherwise provides, fees, charges, late charges, and other charges imposed pursuant to G.S. 47F 3 102, 47F 3 107, 47F 3 107.1, and 47F 3 115 are enforceable as assessments under this section. Except as provided in subsections (a1) and (a2) of this section, the association may foreclose the claim of lien in like manner as a mortgage on real estate under power of sale under Article 2A of Chapter 45 of the General Statutes.
Not sure on foreclosure for your state; however, a lien is effective after 30 days or more per:
§ 47F 3 116. Lien for assessments.
(a) Any assessment levied against a lot remaining unpaid for a period of 30 days or longer shall constitute a lien on that lot when a claim of lien is filed of record in the office of the clerk of superior court of the county in which the lot is located in the manner provided herein. Prior to filing a claim of lien, the association must make reasonable and diligent efforts to ensure that its records contain the lot owner's current mailing address. No fewer than 15 days prior to filing the lien, the association shall mail a statement of the assessment amount due by first class mail to the physical address of the lot and the lot owner's address of record with the association, and, if different, to the address for the lot owner shown on the county tax records and the county real property records for the lot. If the lot owner is a corporation, the statement shall also be sent by first class mail to the mailing address of the registered agent for the corporation. Unless the declaration otherwise provides, fees, charges, late charges, and other charges imposed pursuant to G.S. 47F 3 102, 47F 3 107, 47F 3 107.1, and 47F 3 115 are enforceable as assessments under this section. Except as provided in subsections (a1) and (a2) of this section, the association may foreclose the claim of lien in like manner as a mortgage on real estate under power of sale under Article 2A of Chapter 45 of the General Statutes.
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