Trustee Search for Commercial OA Foreclosure

Started by GregM7 • 3 replies • 1184 views

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GregM7 (California)
Posts: 2

Posted:

I'm the president of a commercial owner's association, actually an office building that was converted into separate office condominiums. We've got some members who are delinquent in paying their assessments, and according to our CCRs we must retain a Trustee before we can even send pre-lien notices to these owners. I've been able to find a few individuals who act as Foreclosure Trustees for HOAs, but not "commercial common interest developments" like ours. Does anyone know how I might find Trustees for OA's like ours?

Sleepless in San Diego

LarryB13 (Arizona)
Posts: 4,099

Posted:

Do your CC&R's state what the qualifications are for such a trustee? Does state law say who may serve as Trustee? I am not at all familiar with the term "Foreclosure Trustee" but you mention that there are those who act as such for HOA's. What are their qualifications?

GregM7 (California)
Posts: 2

Posted:

Actually, our CCR's don't list qualifications, other than to say the individual must be independent and to call it a 'trustee'. And I'm not familiar w/State of CA statutes on this. Well, must say I'm quite surprised it's so hard to find a Trustee to handle lien-enforcement on Owners delinquent on their assessments...must happy 100 times a day across the US.

Sleepless/SD

NancyG3 (North Carolina)
Posts: 342

Posted:

Greg - did you read CA Civil Code 1367 and 2924? These 2 Civil Codes say you can send letters to collect assessments. A Trustee is needed if goes to foreclosure. I think you should go to an Attorney as they handle lien-enforcements and I believe could be a Trustee. It will cost, but the homeowner will have to pay the Attorney fees also. Hope this helps.

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