Technology Corner
LRES releases HOA whitepaper
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Technology Corner
Wednesday, October 19, 2016
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LRES announced that it released a whitepaper to clear industry confusion regarding rules applied to HOA and COA superliens.
The whitepaper corrects common myths and clears confusion associated with rules that could threaten to damage servicers’ lien positions specifically when working with Homeowners Associations (HOA) and Condo Owners Associations (COA), LRES said. Unpaid HOA/COA fees pose a major risk to investors and servicers, and servicers must be armed with the right information and skillset to mitigate this risk.
The whitepaper answers the following questions:
- What is an HOA superlien?
- Are there different regulations governing HOAs vs. COAs?
- Can an HOA/COA foreclose in non-superlien states?
- What impact does safe harbor have on HOA/COA superliens?
- Is there a difference in the way HOA/COA superliens and foreclosures are managed in judicial vs. non-judicial states?
- Do superliens set a cap for servicers/lenders’ maximum liability for HOAs/COAs?
- Who is responsible for paying HOA/COA dues for a short sale property?
- What is an estoppel?
- Are there different rules for HOAs/COAs for reverse mortgages?
- Who has responsibility for HOA’s/COA’s assessments at the bank servicing the loan?
“The HOA/COA lien process is so complex and oftentimes misunderstood, which is why we developed this whitepaper as an educational resource to help safeguard servicers’ lien positions,” LRES CEO Roger Beane said in the company’s press release.
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