At times, collection of assessments by obtaining a personal money judgment against a debtor is not successful, either because judgment cannot be obtained due to lack of service or because a debtor does not have assets with which to satisfy the judgment. However, with community associations where the asset is the debtor’s home, there is another option. CCIOA provides community associations with the ability to foreclose on their liens, similar to the way that a mortgage can be foreclosed.
At Cornerstone, we will review the facts of each case in order to assist your association in effectively pursuing delinquencies. If foreclosure is the best option based on the specific circumstances, we can guide you from start to finish (and beyond the foreclosure sale) in order to collect balances due.
We recognize that foreclosure of an association’s lien is an extraordinary remedy and work with our clients to ensure that we are effectively working towards a fair and equitable resolution for both our client, the association, and the delinquent owner in what can be a very difficult time for all parties.