Melissa Volet

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Foreclosure rates for residential properties continue to drop. Black Knight Financial Services reported that in 2016, the national foreclosure rate dropped by 30 percent. The first quarter of 2017 reports the lowest rate of foreclosure activity since 2006. As the inventory of foreclosed properties lessens, housing markets will see an increase in value. Owners should start to see home values on the rise. While foreclosure rates nationwide are the lowest they have been in 11…
According to a September report from RealtyTrac, nationwide foreclosure rates have dropped 24% from a year ago. For the first time since the real estate crisis foreclosure timelines have also decreased. Experts suggest the reduction in timelines is the best indication of a full market recovery because it shows states are clearing the backlog of foreclosures. Unfortunately this improvement has not carried over to New Jersey which still ranks #2 for the highest foreclosure rates.…
Many people do not realize that Condominium Associations can foreclose units in the same manner as a mortgagee, pursuant to N.JS.A. 46:8B-21. The Complaint to Foreclose is filed in the County where the unit is located. A copy of the filed Complaint is then served upon the unit owner via personal service. The unit owner will have 35 days to file an Answer to the Association’s Complaint. In the event the Unit Owner fails to…
Once association counsel obtains a personal Judgment against the unit owner for failure to pay maintenance fees, late fees, attorneys’ fees and costs, and other charges, we look for ways to collect on the Judgment. If delinquent unit owner rents his unit, one method of collecting on the Judgment is by levying the rental income. The process starts by association counsel requesting tenant information from management and the board; we need information such as the…
Once association counsel obtains a personal Judgment against a unit owner for failure to pay maintenance fees, late fees, attorneys’ fees and costs, and other charges, we look for ways to collect on the Judgment. One method of collecting on the Judgment is by garnishing the unit owner’s wages. The process starts by conducting an employment search. Once we find that a unit owner is employed, we file a Notice of Application for Wage Execution, Order,…
Once association counsel obtains a personal Judgment against a unit owner for failure to pay maintenance fees, late fees, attorneys’ fees and costs, and other charges, we look for ways to collect on the Judgment. One method of collecting on the Judgment is by levying a unit owner’s bank accounts. The process starts by association counsel conducting a bank account search. If the search reveals that a unit owner has a bank account, it will also…
May is a month of collection opportunities for associations.  Most associations suspend pool privileges for those unit owners who are delinquent in paying their assessments.  Therefore, associations tend to experience a surge of unit owners seeking to remit payments prior to Memorial Day weekend, when most pools open.  Associations should provide their attorney with a current delinquency report, so collection letters can be sent to the delinquent owners; this should prompt a quick response from…
Tax Season is a great time for associations to collect their delinquent assessments.  Often times, delinquent unit owners seek to pay off their arrears with their tax reimbursement checks.  It is important that associations provide their attorney with an updated delinquency report to pursue, so the attorney can commence collection efforts.  Boards should seize the opportunity to reduce their delinquencies and bring money in for their association.…
For many associations, a good portion of the Board meetings are spent reviewing the ever-growing delinquency report. Boards are faced with different variables when dealing with their delinquency report. For example, a large delinquent account could be a vacant unit that has had a mortgage foreclosure pending for over two years. Another delinquent account could be an owner-occupied unit where the owner is unemployed and is not paying any of his/her bills. There are also…