CraigB2 (Virginia)
Posts: 5
Posts: 5
Posted:
Our association (Virginia POA) has 5 liens filed and recorded. Two are for 2006-2007, and the remaining Three for 2007. May first of 2008 is the fiscal date of 2008 assessment ($100 total). Do unpaid 2008 assessments have to be filed in addition to previous liens or do the amounts add on automatically. And after reading the VA POA act the following section has me confused. "No suit to enforce any lien perfected shall be brought or action to foreclose any lien perfected shall be initiated after 36 months from the time when the memorandum of lien was recorded, however the filing of a petition to enforce any such lien in any suit wherein the petition may be properly filed shall be regarded as the institution of a suit under this section. Nothing herein shall extend the time within which any such lien may be protected." I am assuming this means I have 3 years to start foreclosure after the memorandum is filed or we lose are ability to collect under foreclosure? I am also assuming I (president) or another board member may file a judgement request with the proper court to request payment of past assements and additional costs rather than initiating a foreclosure sale for the small sum of $200 through $700. TIA Craig