Terry A. Kessler, Esq.; Michael S. Karpoff, Esq. and David C. Swedelson, Esq. are the speakers for this session.
A topic being addressed for the third time in this session is assessment recovery; once again, attorneys here are stating that they’re seeing clients take their collections to other firms and other resources (such as collection agencies).
Needless to say, everyone is reminiscing about the good old days, when less than 1% of the matters were going to sale; now it’s probably 20%. In California, they’re starting to see some of the units get picked up at the sale.
Terry Kessler is an advocate of judicial foreclosure from New Jersey. Judicial foreclosures were taking 6 to 9 months; now it’s taking from 8 to 12 months, and sometimes up to two years, to finish the judicial process.
Ms. Kessler also advocates the pursuit of rent from tenants where possible, even where the lender is foreclosing its lien. In Utah, specific statutory provisions facilitate the association’s ability to demand rent from tenants. Hence if your association has rental units, the occupancy of a unit should be considered as an aspect of the collection plan.