In 2010, the Department of Housing and Urban Development (HUD) turned the financing of FHA mortgages upside down by announcing the end of spot approvals for condominiums and a new requirement of biannual community-wide certification for FHA mortgages.
As your Association takes on either owning or possessing vacant units, the Association takes on a new role as well: Landlord.
Is Your Association Considering a Large Project? Will Your Association Need to Borrow Funds to Complete the Project? If so, is the Project Properly Approved?
The Common Interest Community Manager Licensing Act is close to being law: What does it mean for you? As many people already know, the Act provides for the licensing of common interest community managers, but what you may not know is that it also creates a Common Interest Community Board, provides accounting and insurance requirements and mandates continuing education. Below are answers to a list of frequently asked questions.
Open Board meetings are generally the most stressful part of any board member’s tenure. We all know that people who come to open meetings are usually not there to let the board know what a wonderful job they are doing.
Bankruptcy is a court case where a person attempts to have their debts wiped out (a Chapter 7 Bankruptcy) or attempts to have the court force their creditors to be paid under a payment plan (a Chapter 13 Bankruptcy).
Regardless of who is ultimately found liable for damages related to the golf course and golfing, the Association would almost certainly be sued along with the golfer who hit the ball, the course manager and any other person or entity somehow related to the incident.
Thousands of Americans die needlessly each year because they had no access to relatively inexpensive and user-friendly life-saving equipment.
It’s common knowledge that Burlington County Chancery Judge Karen L. Suter has not been receptive to Associations’ applications for appointment of rent receivers. This has been true even when a unit is abandoned, vacant and worth less than the balance of the mortgage. Nevertheless, we believe that Judge Suter and New Jersey’s other Chancery Judges will, in the proper circumstances, continue to grant Associations’ applications for appointment of rent receivers.
Alternative Dispute Resolution – commonly referred to as “ADR” – has been an especially hot topic for community associations since the New Jersey Appellate Division’s 2012 decision in Bell Tower Condominium Association, Inc. v. Haffert. In that case, the Court held that “housing-related disputes” under the Condominium Act include disputes over the validity of special assessments for repairs and improvements to the common elements.