Re: Foreclosures
From: Kay Wilson Fisk (caseyjacketsgmail.com)
Date: Sat, 7 Jan 2012 21:46:11 -0800 (PST)
Ann, I'm not sure of the details, but I believe various members
befriended the new owners as they were moving in.

We don't have a welcoming team/committee, although we have talked
about it. We do have a draft of a new residents' information packet
that we've been working on, that we have been able to make available.
I guess we've done something right, because both families seem to be
blending into the community very well.

Kay

-----Original Message-----
From: Ann Zabaldo [mailto:zabaldo [at] earthlink.net] 
Sent: Saturday, January 07, 2012 7:27 AM
To: Cohousing-L
Subject: Re: [C-L]_ Foreclosures


Kay -- this is very helpful.  Thank you for responding.  All info
helps!

How did the community go about integrating the new owners?  I'm
assuming from your response that you did not meet w/ the owners prior
to settlement?  Does your community have a "Welcome Wagon" team or
committee that visits new members?

I'm sure happy to hear that the new owners weren't surprised by
finding themselves in cohousing.

May all continue well!

Best --

Ann Zabaldo
Takoma Village Cohousing
Washington, DC
Principal, Cohousing Collaborative, LLC
Falls Church VA
703-688-2646

On Jan 7, 2012, at 3:43 AM, Kay Wilson Fisk wrote:

> 
> Ann,
> 
> In the case of the two empty units, we reached out to the realtors
to 
> let them know it was important that potential buyers understood that

> this was a cohousing community. In one case, the realtor left the
key 
> with the next door neighbor so she could show the unit to
prospective 
> buyers, because he said he had so many foreclosures to deal with
that 
> he didn't expect to have much time to show the unit. (That realty
was 
> eventually replaced with another one, which was the one that made
the
> sale.)
> 
> It seems to have worked, because both new buyers appear to be
pleased 
> with their purchases and not surprised to find themselves as
cohousing 
> owners. This was important because our development is registered as
a 
> condominium, and doesn't include the term "cohousing" in its 
> incorporated name: Meadow Wood Condominium Association. This is 
> because we only found one bank in our area that was even willing to 
> consider financing construction, and the banker told us that the
only 
> way he could convince his board of directors to give us a loan was
if 
> it sounded like a typical condo development. He said the word 
> "cohousing" would likely scare them off.
> 
> Our Declaration uses the term "cohousing" twice, but not in our
name.
> Our bylaws include a section on decision making by consensus, but 
> don't use the term cohousing.
> 
> Kay
> 
> -----Original Message-----
> From: Ann Zabaldo [mailto:zabaldo [at] earthlink.net]
> Sent: Thursday, January 05, 2012 3:20 PM
> To: Cohousing-L
> Subject: Re: [C-L]_ Foreclosures
> 
> 
> Hello Kay and all --
> 
> Kay -- what, if any, actions or efforts did your community make to 
> deal w/ the foreclosures?
> 
> I'm not at all implying the community SHOULD have done something ...
> I'm just wondering if your community did take some actions, what
they 
> were and whether talking about them might be of benefit to the rest
of 
> us who have or who may have foreclosures in their communities.
> 
> Thanks for any and all info you can share with us.  Foreclosures
wreak 
> havoc on the owners, the mortgage holders, and ... the community at 
> large.
> 
> Here is a link to a group that works w/ banks and mortgage holders
to 
> buy houses and then resell them to the owners at the current market
> value.   It's pretty cool.  Perhaps there is an organization in your
> area doing something similar.  When I googled "non profits
foreclosure 
> prevention" and "non profit foreclosure homeowner resales"  I got a 
> slew (slough?) of hits.  There are groups throughout the country 
> trying to deal with the foreclosure problem.
> 
>
http://www.npr.org/2012/01/02/143601604/in-mortgage-crisis-some-banks-
> agree-to-cut-losses
> 
> Best --
> 
> Ann Zabaldo
> Takoma Village Cohousing
> Washington, DC
> Principal, Cohousing Collaborative, LLC Falls Church VA
> 703-688-2646
> 
> On Jan 5, 2012, at 2:45 PM, Kay Wilson Fisk wrote:
> 
>> 
>> We have had five units "in distress" over the past two years -
three
> 
>> owners walked away, and two who needed to leave have been unable to

>> sell theirs:
>> 
>> * Two units sat empty until they were finally sold this last fall. 
>> * Three units have been rented out, and still have renters living
in
> 
>> them.
>> * A parent of one of our owners is trying to buy one of the rental 
>> units, but the bank does not appear to be in a hurry to make this 
>> happen.
>> 
>> The effects on the community of losing 5 of 25 resident owners
(20%)
> 
>> have been tough.
>> 
>> * Fortunately, no units have fallen behind in paying their monthly 
>> assessments.
>> * However, the loss of community involvement of resident owners has

>> resulted in a lack of community participation for which we are
still
> 
>> paying the price.
>> * At present we have 9 units being rented: 7 rentals under our
> rental
>> ceiling, plus 2 rentals with 1 year special exceptions that have
> been
>> given annual renewals.
>> * We have just lowered our rental ceiling from 7 to 5, as two
owners
> 
>> want to sell their units, but existing rentals are grandfathered
in,
> 
>> so they are likely to remain rentals until the housing market 
>> improves.
>> * Some renters participate in work parties, committees, and meals,
> but
>> others do not, so this leaves less people to get the community's
> work
>> done. This is the biggest, most troublesome impact.
>> 
>> It has been amazing and wonderful to see what a big difference it
is
> 
>> making to have 2 new resident owners (4 new people). The amount of 
>> energy this is adding to the community is truly gratifying!
>> 
>> Kay Wilson
>> Meadow Wood
>> www.mwcondo.com
>>      
>> 
>> -----Original Message-----
>> From: Sharon Villines [mailto:sharon [at] sharonvillines.com]
>> Sent: Wednesday, January 04, 2012 3:19 PM
>> To: Cohousing-L Cohousing-L
>> Subject: [C-L]_ Foreclosures
>> 
>> 
>> Have any communities had a recent foreclosure - last 2 years or so?
>> 
>> If so, what was the effect on the community? On ability to sell
> units?
>> 
>> Thanks,
>> Sharon
>> ----
>> Sharon Villines
>> Takoma Village Cohousing, Washington DC
http://www.takomavillage.org
>> 
>> 
>> 
>> 
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