GeorgerwilliamsW (Indiana)
Posts: 975
Posts: 975
Posted:
One of the most dangerous situations developing for homeowners and homeowners association is the assignment of liens. Basically, the association sells it lien for unpaid assessments to an investor who will pursue foreclosure.
It is possible that the association will receive the full value of unpaid assessments and fees from the investor. Here is relevant paragraphs from the full article.
Here is a link that describes this practice more fully
http://www.imakenews.com/ortenhindman/e_article001217163.cfm
It is possible that the association will receive the full value of unpaid assessments and fees from the investor. Here is relevant paragraphs from the full article.
- Why would the association choose to sell its lien? First, rather than allow its lien to be extinguished and collect only 6 months of assessments, the association can usually sell its lien to an interested investor for the full amount due, including all unpaid assessments, fees, and attorney fees and costs due on the account. If a property has a large amount of equity in it, the association’s lien can often be assigned for more than what is even owed on the account.
Another reason an association benefits by assigning its lien is the investor’s motive to maximize his or her profit on the property.
Assigning the association’s lien is done at no cost and with no liability to the association.
Here is a link that describes this practice more fully
http://www.imakenews.com/ortenhindman/e_article001217163.cfm