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| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
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JanetS
(Arizona)
Posts:14
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| 01/12/2006 5:49 AM |
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The Board of Directors, recently passed a vote on obtaining a large loan for improving and upgrading our complex. My question is this, they allowed ALL homeowners to vote, even the ones that are deliquent in their payments. Our documents say they cannot vote, but the board says they can?.....Under if any, what conditions can a homeowner vote, if the documents say they cannot? This vote would not have passed if they did NOT allow delinquent homeowners to vote.
Also, if a loan goes into default, can the financial institution put liens on all the units as well as the HOA monthly income?
Janet |
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SamuelB
(North Carolina)
Posts:83
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| 01/13/2006 5:56 AM |
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| Janet, if your CC&R's indicate a homeowner in arrears can not vote, they can NOT vote, period. On anything! Sounds like your Board might have their own special agenda. |
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I fly because it releases my mind from the tyranny of petty things . . . - Antoine de St-Exupéry |
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SamuelB
(North Carolina)
Posts:83
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| 01/13/2006 5:58 AM |
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| As for the lien, the Board has the authority to obtain a loan for the Corporation (the homeowners). If the lien goes into default, every homeowner of record is indeed liable for their portion of that debt. |
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I fly because it releases my mind from the tyranny of petty things . . . - Antoine de St-Exupéry |
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CharlesW1
(Georgia)
Posts:820
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| 08/18/2006 7:10 AM |
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Janet,
I’m not 100% sure about this but I would have to say if the CC&R’s say your vote will not count if you are delinquent on your dues then it is just that. You are not eligible to vote on anything.
I would have to agree with SamuelB on this one. Its sounds like to me, that your current BOD realized that the complex was in need of some upgrades and improvements and didn't have the funds to make it happen. IMO, I would think if the loan does go into default then the bank is going to want their money from someone.
Maybe the board should reconsider what they have done to get this approval.
I don’t think that’s right!
Sorry to hear of your situation.
It has better prepared me for all that I will be confronted with as a board member though.
Thank you, great post.
Chuck W.
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Charles E. Wafer Jr. |
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BrianB
(California)
Posts:1748
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| 08/18/2006 3:26 PM |
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you may only count the votes of those eligible to vote. don't care how many people show up, how many votes are cast, you only count those who are eligible. So honestly, you won't even need a revote, if you can distinguish who cast the inelligible vote.
On the related side of that, some bylaws (like mine) define quorums based on the eligible number of voters: so, if a quorum is 25% of the eligible number of voters in the HOA, and 12 people out of 40 are behind in their dues, and thus, not eligible to vote, the number of owners i need to pass a rule just got very small... 25% of 28 is significantly smaller than 25% of 40. |
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