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Foreclosures, Banks, and Associations
March 9, 2010 - Sylvia Heldreth
National leaders and members of the current administration have asked lenders to slow down the foreclosure process and do whatever they can to save people's homes. In addition to the sheer number of foreclosures that are clogging the courts, a new mediation requirement could add an additional 90 days to the process.
On the other hand, some community associations are in fiscal crisis. Members are becoming slower to pay or, especially during foreclosure, not paying at all. This problem is exacerbated by the tendency for cash strapped members to stop paying association fees long before they stop making mortgage payments.
The slow down requested by national leaders will further slow the revenue stream to associations.
Should the foreclosure process be speedy or slower?
What do you think?
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