The Wall Street Journal is noticing the quandary faced by many associations who find themselves faced with owners who won’t or can’t pay their bills, and lenders who won’t do anything about it. Today’s article reports on a new Florida law which makes it easier for homeowner associations to collect rent from tenants in delinquent units, and intercept that rent that would otherwise go to the defaulting owner. Utah has a similar provision, which was repealed and reenacted in the 2011 Utah legislature as part of Senate Bill 167; that same bill also makes provisions which may make it more feasible for associations to “non-judicially foreclose” against unit owners who are in default.
Assessment collections are, of course, of critical importance to Utah condominiums and HOA’s, so we’ll be discussing these new changes — and whether and how they can help Utah associations, at our seminar at Daybreak this Saturday, at the City Creek Center on June 7, and in Park City on June 11. And, based upon requests that we have received, we’ll likely be presenting the seminar on other dates in June as well.
So, register here for one of the sessions. And if you can’t make one of them, subscribe to this blog, so that you’ll be certain to hear of, and perhaps even help to choose the dates and times for, other sessions.