In today’s tough economic times, many associations are struggling to pay their expenses due to several delinquent homeowner accounts and, oftentimes, overlook the importance of enforcing their covenants.
The board of directors for an association has a fiduciary obligation to ensure that homeowners are complying with the covenants contained in the governing documents. Covenant enforcement…
While this may not seem such a big deal to many of our readers, – read: nonlawyers -, HOA lawyers have a very difficult practice. Not only is it important to be well versed in the major areas of the practice, such as Real Estate, Colorado Common Interest Ownership Act, Corporation and Non-Profit Corporate Acts, Contracts, Litigation, especially Collections, but also knowledgeable in other areas to seek expert advice to make sure the client receives the best and most accurate information. Examples include laws regarding fair housing, employment, bankruptcy, taxes and other esoteric areas.
With all the new laws being passed directly involving HOA’s (see Mark Payne’s most recent posting) and those affecting HOAs indirectly, it is important to be aware of situations that may have impact how we attorneys offer advice.
Last year Congress passed Public Law 111-22, Title VII –Protecting Tenants at Foreclosure Act, effective May 20, 2009. The law was passed to protect bona fide tenants against immediate evictions by the successor in interest of “any foreclosure on a federally-related mortgage or loan or on any dwelling or residential real property after the date of the enactment [May 20, 2009]…” The law appears to focus on public trustee foreclosures on mortgages covered under federal law. But, because of the inclusion of “…or on any dwelling or residential property after the date of enactment…,” I would interpret the intent of “or” to include all foreclosures on dwellings and residential real property with or without it being a “federally-related mortgage,” – including HOA lien foreclosures as well.
Like the changing of seasons, our legislature has returned, and with it, numerous ideas on how our lives can be better regulated. Over the last several years, we have had several legislators who take a particular interest in the operations of homeowners associations. They have an interest in protecting what, in their minds, are under-represented homeowners.
Along those lines, this year Representatives Ryden and M. Carroll have introduced HB10-1278, which, if passed, will create an HOA ombudsman in the Colorado Division of Real Estate. The HOA ombudsman would be appointed by the Executive Director of the Colorado Department of Regulatory Agencies. The ombudsman would be required to have at least five years of experience working with issues arising under the Colorado Common Interest Ownership Act (“CCIOA”), or in the operation or management of associations as either an attorney, accountant, a member of an executive board or any combination thereof.Continue Reading The Legislature In Session – An Ombudsman for Everyone
The Colorado Supreme Court held that the non-developer owner of a parking space did not receive an unrestricted title that would allow it to sell the space to a third party non-condominium owner B.B. & C. v. Edelweiss Condominium, 218 P.3rd 310 (Colo. 2009)Continue Reading https://www.cohoalaw.com/what-the-courts-say/161/
The Colorado Supreme Court held that the non-developer owner of a parking space did not receive an unrestricted title that would allow it to sell the space to a third party non-condominium owner B.B. & C. v. Edelweiss Condominium, 218 P.3rd 310 (Colo. 2009)
The developer built a 21 unit complex that had thirty parking…
You will remember from a recent posting that we discussed the new Fannie Mae guidelines, and the anticipated HUD regulations. As noted, HUD did in fact adopt new temporary regulations that went into effect on December 7, 2009, and remain effective until December 31, 2010, at which time the new permanent HUD regulations will become effective. The new HUD temporary regulations are found in HUD Mortgagee Letter 2009-46 A, and can be found here. The new HUD permanent regulations are found in HUD Mortgagee Letter 2009-46 B, and can be found here. It is important to note that condominium projects under developer control and under construction or being converted have different standards. This posting does not address those standards.Continue Reading New Lending Rules Continued – HUD Requirements
