articleaddict.com has a wide variety of articles for you to read.
Search:

Home | Finance | Mortgages


Priority Lien Bill- Property Owners Better Get Informed

By: Carolyn Thompson

Home Owner Associations, Condominium Associations, and Co-operatives are filing bankruptcy at staggering rates. As home owners are not able to afford their mortgages they often choose not to pay their HOA, Condo or Co-op dues and what they consider less essential monetary 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 and non-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 additional damage is caused and the entire community suffers. This can cause devaluation of property and diminished living conditions.
I recommend a national priority lien standard for Home Owner Associations, Condominium Associations and Co-ops. The first lien holder of a property is the taxes and the second position lien holder is the applicable home association. This would create coverage for the associations when the home owner does not pay the association dues. When the home is sold the lien is addressed.
Associations in some states such as Maryland and Florida are suffering tremendously because they have not been able to get a priority lien bill passed. While other states, such as New Jersey have had priority lien in place for condo associations for several years and are taking steps to address this with HOA's.
If you reside in Maryland or Florida, you can click on the state name and the link will direct you to the state senate. Tell your Senator that you want a priority lien law. Contact your Maryland State Senator or Florida State Senator. Tell the Senator that you need a bill written and made law that will provide everyone protection and it will not cost them any money.
In fact, when homes are in better condition and the property sells for more and the government can collect more in property taxes. Tell your Senator that you want a bill passed that will help ensure the safety of your community and good living conditions. These are common sense bills that need to be passed. Don't let banking and mortgage lobbyist be the only ones that have the attention of the Senators. Take action for your neighborhood, take action for yourself. If you don't like the where our economy and lifestyle are going, then do something about it.
If you don't reside in one of these three states, then please find out what your state law is. A simple email to your State Senator will get you the response. Do a Google search for 'your state state senate' . For instance, 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 chose 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.
After determining whether or not your state has a priority lien, take a moment and drop a note to me on my on the priority lien blog. I will keep track of all of them, as well as your comments and suggestions.
If you have another cause that you would like to get a bill created for or a law passed, please drop me a note via the blogReal Estate Search and Sale LLC Blog. I will research 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.
Priority Lien should be your first priority.

Article Source: http://articleaddict.com

Real Estate Search and Sale

Please Rate this Article

 

Not yet Rated

Click the XML Icon Above to Receive Mortgages Articles Via RSS!
Additional Articles From - Home | Finance | Mortgages
Sign Up for a free account or learn more.
Submit Articles
Member Login
Top Authors
Most Popular Articles
Submission Guidelines
Article RSS Feeds
New Stuff
About Us
Free Link Directory
Contact Us
Privacy Policy
Terms of Service
Sitemap
rent this Ad space monthly.

Powered by Article Dashboard