Foreclosures

we are a new HOA in Idaho and jut found out one of the houses in development isgoing thru foreclosure, is there a web site we could go to to see ifthe bank has taken it over yet?

Meryl,
I think Donna means; "if you are on the Board, her suggestions are valid. If not, and it is important for all owners to know, search your county state house records of Deeds, etc. If you know the name use that to gather information, check local papers. Ask your Board, they should know.

Does anyone find it strange, that the information of how many foreclosures are in your HOA is considered priveledged and the Board will hide all this under executive session. Suppose that information is stark enough it can suggest a failure of the association. They have considered this under the blanket of confidentiality, they can't just go out and say, "The sky is falling, the sky is falling, run for your lifes." I make fun but change the scene a tiny bit and change this information with held to be the number of rental properties in a condominium. A figure that is a indicator of the long term health of the organization. Most lenders will question management on how many rental units there are and the managment gives this information freely, over the phone or in writing, after usully massaging it as much as they can to provide the picture they wish to convey that has been decided by some boards that deal in this subtlety. But ask what these numbers are and no one has a handle on it. I am 100%behind being open and public in writing. It is what it is..............period!

Robert don't paint all Associations with the same brush. While our BOD doesn't go out of the way to tell everyone that Robert's condo is the one being foreclosed on; they do not hide the fact that there is a foreclosure happening. In addition to the County website, the information is published in the newspaper under Legal Notices.

I am treasurer an the residents have not paid the dues for 08, I hae checked our county website but no Circuit Court, I did check parcel and still listed under residentsname, no bank info

MaryM,
I know we keep saying over and over again to check your documents and that is very often productive advice, however, don't have tunnel vision when you start reading. Look under headings like resposibilities of the Board, the same about the Owners. See if you can't find some requirement hat deals with what information the Board is required to have on file for each unit. Each unit must have separate file and it has to be maintained and it is the owners responsibility to see that this is done. Most covenants require that the owner HAS to notify the Regime whenever a change is made in the deed, the owners, or anything required by the local laws that effect the title and the deed. Our documents require this and that would include any action that MAY effect the legal status of the property. This all means that your regime probably is required to have all this foreclosure stuff on file in that separate folder. If it is pending, it should be there, if it is the courts it should be there and the authority to enforce this is the same as the one you signed when the place was purchased, you and they agreed legally they would abide by all the covenants.