Liens & Foreclosures | Saddlebag Lake Resident Forum

BagLady
God/Goddess

Posts: 664

Liens & Foreclosures Nov 3, 2013 11:33:22 GMT -5

Post by BagLady on Nov 3, 2013 11:33:22 GMT -5

I was curious when the BOD discussion turned to "Collections Lawyer" what the actual state of liens and foreclosures in SLR is. As we now know, the discussion about a Collections Lawyer was just a change from a lawyer group to the same individual in another group. No big whoop.

So...here's what the record shows. Aside from that inscrutable transaction involving the Pitts property, where title was passed without satisfying SLR's lien, there appears to be only one unsatisfied lien. This was filed in June 2012. One would think it would be in foreclosure by now, but it appears that may be complicated by group ownership and perhaps that is slowing things down.

If it is true that liens are filed 90 days after a missed assessment, then SLR owners have had no outstanding missed assessment payments since July 2012.

That's quite a collection record!

"Wine...what are you saving it for?"

BagLady
God/Goddess

Posts: 664

Liens & Foreclosures Nov 14, 2013 8:59:32 GMT -5

Post by BagLady on Nov 14, 2013 8:59:32 GMT -5

I took an opportunity to discuss this Pitts transaction with F ON yesterday during the mediation. He said that the new owner simply accepted the Deed WITH the lien. SLR can now go after the new owner to collect or foreclose.

It is anyone's guess what the new owner's intent is except to sell the lot. According to Polk County, he only paid $100. If someone comes along to buy it, I sure hope they discover the lien!

Bottom line--on this lot-- "Buyer Beware".

Last Edit: Nov 14, 2013 13:09:58 GMT -5 by Admin

"Wine...what are you saving it for?"

BagLady
God/Goddess

Posts: 664

Liens & Foreclosures Dec 27, 2013 8:07:49 GMT -5

Post by BagLady on Dec 27, 2013 8:07:49 GMT -5

CROSS POST from Budget and Reserves Board December 27, 2013:

The income from these two sales totallled $25,200 according to the Property Appraiser records ($5200 from 102 SS and $25K from 30 SBTS). It's anyone's guess where this is shown as Income to SLohA.

SLohA executed on liens for $7861.81 to file on 30 SBTS and $11,628.59 on 102 SS for a total of $19,490.40. Much of these amounts went to the attorneys fees.

Even though this appears to be a "net" in the plus column of $5709.60, it does not take into account the uncollected assessments which lapsed and were not recaptured at the sales. Remember the judgements were filed in Dec 2007 and Feb 2011 so SLohA did not get assessments returned on these foreclosures during the time between the judgements and sales. Counting the amount that went to attorney fees which SLohA pays and which are reimbursed FIRST from the proceeds of any subsequent sale, it is obvious that there was a net-net loss to SLohA on these foreclosures.

There is no doubt that foreclosures are almost always a loser to the Association. This situation has been the subject of a load of new legislation in Tallahassee over the past several years and the law seems to constantly change. Do not assume anything about your obligation to pay past assessments if you ever want to take title to an SLohA property in foreclosure!

"Wine...what are you saving it for?"