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

[mark harfenist (mark]

On Wednesday, May 26, 2004, at 11:51 PM, Raines Cohen wrote [posting on 
behalf of Charles Maclean of Trillium Hollow cohousing]:

> 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?

An interesting question.  Has Trillium Hollow encountered such 
problems?  Are you worried about these possibilities?  Why?

> Does your community require financial statements from potential buyers?

No.  Mortgage bankers check credit ratings, income and such.  We 
haven't seen a need, although we discussed the concept long ago, 
pre-development.


Mark Harfenist
Bellingham Cohousing