JudyF (Florida)
Posts: 7
Posts: 7
Posted:
Where in Docs does it give legal direction for the following: A Board member is letting his home go into foreclosure and doesn't notify the BOD.
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BOD Member being foreclosed on doesn't notify Board
Started by JudyF • 5 replies • 1524 views
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TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
Judy,
Unless your governing documents have specific qualifications for Directors, and part of those requirements were to be current in mortgage payments, then there would be zero basis for the individual to inform the Association about their personal financial status. If they were behind in paying assessments, the Treasurer should be aware of it and, as part of the treasurer report, inform the Board.
I can certainly understand how a negative perception of a board member can be formed when it's discovered that the individuals property is in foreclosure. However, I would also caution you that there could be many reasons why someone may be behind in making payments on time: Job layoffs, medical emergency, military activation, commitments to family members, etc. etc.
If you are concerned that this individuals situation could affect how they carry out any Officer position that they are appointed to, you may want to inform the Board of your concerns and request that they remove the individual from the office they hold. Note, being an officer is not the same as serving on the Board. To remove someone from the Board, there needs to be a recall vote by the membership.
Tim
Unless your governing documents have specific qualifications for Directors, and part of those requirements were to be current in mortgage payments, then there would be zero basis for the individual to inform the Association about their personal financial status. If they were behind in paying assessments, the Treasurer should be aware of it and, as part of the treasurer report, inform the Board.
I can certainly understand how a negative perception of a board member can be formed when it's discovered that the individuals property is in foreclosure. However, I would also caution you that there could be many reasons why someone may be behind in making payments on time: Job layoffs, medical emergency, military activation, commitments to family members, etc. etc.
If you are concerned that this individuals situation could affect how they carry out any Officer position that they are appointed to, you may want to inform the Board of your concerns and request that they remove the individual from the office they hold. Note, being an officer is not the same as serving on the Board. To remove someone from the Board, there needs to be a recall vote by the membership.
Tim
SteveM9 (Massachusetts)
Posts: 3,699
Posts: 3,699
Posted:
Many condo docs require a board member to be in "good standing" This usually means dues paid.
If it were my HOA, I would just ask him nicely to resign. He is really just wasting him time if he wants to help govern a house he is going to loose. If he wants to explain, he can use the "health reasons" excuse or "scheduling conflicts" etc.
If it were my HOA, I would just ask him nicely to resign. He is really just wasting him time if he wants to help govern a house he is going to loose. If he wants to explain, he can use the "health reasons" excuse or "scheduling conflicts" etc.
BrianB (California)
Posts: 2,820
Posts: 2,820
Posted:
As many dues/assessments are paid annually, it is certainly conceivable that I could be paid up in my dues (perhaps even, paid ahead), and still be losing my home to foreclosure. If this is the case, until I am no longer the owner of the property, then I am still a member in good standing (having paid my dues), and eligible to serve the community.
JenniferM10 (Illinois)
Posts: 97
Posts: 97
Posted:
With the current state of things, it might take more than a year for the foreclosure to be final. Could it be that the person is planning to fulfill their term?
Also, check your documents because not all HOA's require a BOD to be a member of the association (mine does not).
I'll also join in that unless they are behind dues owed to the association, it's no one else's businesses.
Also, check your documents because not all HOA's require a BOD to be a member of the association (mine does not).
I'll also join in that unless they are behind dues owed to the association, it's no one else's businesses.
PeterD3 (Florida)
Posts: 708
Posts: 708
Posted:
Quote:
Posted By JudyF on 06/26/2011 9:06 PM
Where in Docs does it give legal direction for the following: A Board member is letting his home go into foreclosure and doesn't notify the BOD.
Where in Docs does it give legal direction for the following: A Board member is letting his home go into foreclosure and doesn't notify the BOD.
Must he/she inform the BoD they are not paying prop. taxes, or H.O. Insurance, or power bill, etc.???
You get the idea.
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