Cohousing-L Mailing List: protecting your HOA from homeowner bankruptcy

[Raines Cohen (rc2-coho-L]

[posting on behalf of Charles Maclean of Trillium Hollow cohousing... you 
can respond to the list or to charles.maclean [at] trillium-hollow.org, but 
don't respond to me! Raines]:

Dear Fellow Cohousers,

Help please.

What have you found effective in protecting your cohousing community from:

-       Loss of owed condo fees and assessments due to owners filing
personal bankruptcy?

-       Loss of same from owners failing to pay their mortgages and being
foreclosed with subsequent bank ownership of cohousing units?

Does your community require financial statements from potential buyers?

We are updating our policies and procedures in these areas.

What protections can you suggest?

Sample policies and court rulings would be very helpful.

What proactive initiatives can we take to prevent losses or reduce their
magnitude?

---


Raines Cohen <my initials,2,dash,coho,dash,L at my first name .com>

  Member, Swan's Market Coho [Oakland, CA] <http://www.swansway.com/>
Where the leftover apricot chicken from Tuesday's meal rapidly 
disappeared by Wednesday noon.

  Secretary, Berkeley [CA] Cohousing
Happy to be home.

  Supporter, East Bay Cohousing <http://www.ebcoho.org/>
Where we have an option on a site, but need to see if the neighbor's 
easements will meet our needs.

  Boardmember, Coho/US <http://www.cohousing.org/>
Gearing up for our next board meeting at Nyland next month