Prioity Lien Bill- What Home Owners Need To Know
Home Owner Associations, Condominium Associations, and Co-operatives are claiming bankruptcy at alarming rates. As property owners are not able to afford their mortgages they often choose not to pay their HOA, Condo or Co-op dues and what they may consider less important financial obligations.
As a result, Home Owner Associations and Condominium Associations are not able to pay for the expenses that they had budgeted for. Some associations pay for common area elements, plumbing, roofs and other structural aspects of properties. Many associations, primarily condominium associations and co-operatives also pay for water, gas and electric. They also pay for garbage removal.
When an association is not able to pay for roof, plumbing and other repairs further damage is caused and the entire community suffers. This can cause devaluation of property and diminished living conditions.
I recommend a nation wide priority lien standard for Home Owner Associations, Condominium Associations and Co-ops. This means that the first lien holder of a property is the taxes and the second position lien holder is the applicable home association. This would help create coverage for the associations when the property owner falls behind on the association dues. When the home is sold the lien is addressed.
Associations in states such as Maryland and Florida are suffering tremendously because they have not been able to get a priority lien bill through. Other states, such as New Jersey have had priority lien in place for condominium associations for years and are taking measures to add coverage to home owner associations.
If you reside in Maryland or Florida, you can click on the state name and the link will take you to the state senate. Inform your Senator that you want a plan for financial change. Reach your Maryland State Senator or Florida State Senator. Tell the Senator that you need a bill to be created and made law that will provide everyone protection and it won't cost them any money.
In fact, when homes are in better care and they sell for more and the states is able collect more in property taxes. Tell your Senator that you want a bill passed that will ensure more safety for your community and good living conditions. There are common sense laws that need to be passed. Don't let banking and mortgage lobbyist be the only ones that have the attention of the Senators. Take a stand for your neighborhood, take a stand for yourself. If you do not like the where our economy and lifestyle are headed, then do something about it.
If you don't live in one of the states mentioned, then please find out what the law is in your state. A quick email to your State Senator will get you the response. Do an Internet search for 'your state state senate' . For example, I was able to find the contact information for MD State Senators on the above link by typing a Google search 'Maryland State Senate'. I selected the third result which was Senator by name. This allowed me to provide you with a link that will permit you to select your Senator.
Once you have determined whether or not the state in which you reside has a priority lien law, take a moment and comment on the priority lien blog. I will keep track of all of them, along with your suggestions and comments.
If there is another cause that you would like consideration for or a law passed, please drop me a note via the blogReal Estate Search and Sale LLC Blog. I will look into it and consider it for promotion, through articles, press releases, social media marketing and more marketing and advertising sources, via www.netmarketingsource.com. Our advertising and marketing partner, who assist in making this article possible.
Priority Lien should be your first priority.
Published October 19th, 2008
Filed in Home
