Post by BagLady on Sept 12, 2014 8:35:21 GMT -5
SLohA has recently (July 2014) filed a lien notice on a property on Silver Doctor and threatened to foreclose the property.
Owners should be aware that SLohA is not following the law if it attempts to foreclose on this property. This is foreclosure is not permitted by SLohA's governing documents. SLohA's ONLY rights are civil; it must go through the usual civil procedure to get a judgement against the homeowner and then may pursue collection of the debt.
SLohA did attempt to illegally amend the Covenants last Feb 2014 to provide for the legal authority to conduct foreclosures but fortunately, the illegal attempt was defeated.
SLohA may place a lien on the property for the unpaid amount, but it cannot legally foreclose on the property. If it does, it exposes SLohA to a countersuit. Perhaps the legal firm that SLohA has retained to pursue the foreclosure will have an action against SLohA as well.
Subject property remains encumbered by SLohA Covenants until 2019 and Owners can cH allenge this action based on non-authority of the governing documents.
Disclaimer: I am not an attorney nor a licensed real estate agent and the interpretations above are my opinion and offered for informational purposes only. These interpretations should not be relied upon if you need legal help with your real estate transaction. Consult an attorney for legal advice.
Owners should be aware that SLohA is not following the law if it attempts to foreclose on this property. This is foreclosure is not permitted by SLohA's governing documents. SLohA's ONLY rights are civil; it must go through the usual civil procedure to get a judgement against the homeowner and then may pursue collection of the debt.
SLohA did attempt to illegally amend the Covenants last Feb 2014 to provide for the legal authority to conduct foreclosures but fortunately, the illegal attempt was defeated.
SLohA may place a lien on the property for the unpaid amount, but it cannot legally foreclose on the property. If it does, it exposes SLohA to a countersuit. Perhaps the legal firm that SLohA has retained to pursue the foreclosure will have an action against SLohA as well.
Subject property remains encumbered by SLohA Covenants until 2019 and Owners can cH allenge this action based on non-authority of the governing documents.
Disclaimer: I am not an attorney nor a licensed real estate agent and the interpretations above are my opinion and offered for informational purposes only. These interpretations should not be relied upon if you need legal help with your real estate transaction. Consult an attorney for legal advice.
