Articles

Priority Lien Bill- Property Owners Better Get Informed

by Carolyn Thompson

Home Owner Associations, Condominium Associations, and Co-operatives are claiming bankruptcy at alarming rates. As property owners are unable 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, HOA's, Condo Associations, and Co-ops are unable to pay for the debts that they had planned for. Numerous associations pay for common area elements, roofs, plumbing 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 associations are unable to pay for plumbing, roof and other repairs additional damage is caused and the whole community suffers. This can cause a further devaluation of property and diminished living conditions.

I recommend a nation wide priority lien law 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 help create coverage for the associations when the property owner falls behind on the association dues. When the property is sold the lien is paid.

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 HOA's.

If you reside in MD or Florida, you can click on the link for the State Senate and the link will direct you to your state senate. Tell your Senator that you want a plan for financial change. Reach your Maryland State Senator or Florida State Senator. Tell your Senator that you want a bill written and made law that will give 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 government can collect more in property taxes. Tell your Senator that you want a priority lien bill passed that will ensure more safety for your neighborhood and good living conditions. There are common sense bills that must be passed. Don't let mortgage and banking lobbyist be the only ones that have the ear 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 reside in one of these three states, then please research what your state law is. A simple email to your State Senator will give you the answers. Do a Google search for 'your state state senate' . For instance, I was able to find Maryland State Senators contact information on the above link by typing a Google search 'Maryland State Senate'. I chose the third result which was Senator by name. This permitted me to give 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 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 there is another cause that you would like to get a bill created for or a law passed, 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 help make this article possible.

Priority Lien should be your first priority.

Priority Lien

Published October 19th, 2008

Filed in Home