Is the mortgagee responsible for paying common expense assessments?
People who live in a house, condo, or townhome that’s part of a common interest development in California are usually responsible for paying dues and assessments to a community association, like a homeowners’ association (HOA).
Can HOA inspect my condo?
As a general rule, members of the HOA are allowed to enter another person’s property only in emergencies, to inspect for rule violations, or to perform maintenance or repairs on a common element. Usually, the HOA is required to give sufficient prior notice before entering the homeowner’s property.
What are unsecured claims that take the place alongside the borrower’s other debts?
A deficiency judgment is any deficit remaining after a foreclosure and subsequent sale of a property. Unless the mortgagor owns other real estate, deficiency judgments are unsecured claims and take their place alongside other debts of the mortgagor.
Can HOA be dissolved?
Is it possible to dissolve HOA in California? – Quora. An HOA is a corporation. All corporation can be dissolved. The criteria for dissolving an HOA corporation is included in the Articles of Incorporation for the HOA and under state law which governs such matters.
What is the problem with being an unsecured creditor?
An unsecured creditor is an individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because it will have nothing to fall back on should the borrower default on the loan.
What are the different types of common interest developments CIDs )?
Common Interest Development Davis-Stirling’s definition of a CID gives four specific examples: community apartments, condominiums, planned developments, and stock cooperatives. The two most well-known types of CIDs are probably condominium buildings or complexes and housing subdivisions.
What is the difference between bylaws and articles of association?
Articles are the charter that creates a corporation, whereas bylaws set out the rules and procedures for internal governance of the corporation.