Foreclosures Lead to Rise in Homeowners' Association Fees
Recently, WKYC Cleveland ran a "focus" story entitled "Foreclosures Lead to Rise in Homeowners' Association Fees" featuring Kaman & Cusimano, LLC Attorney David Kaman. The story details the plight of Ohio's associations in the event of a foreclosure and highlights the grassroots effort to pass a "Super Lien" in Ohio.
When a unit goes into foreclosure and an owner stops paying the association's fees, the other members of the community often have to "foot the bill" to ensure that all necessary services of the neighborhood are carried out. According to Attorney Kaman, "[Ohio's] associations are bleeding bad debt, with no bank bailout to help them and so they have to act aggressively in foreclosures." A "Super Lien" would ease this burden on community associations by giving the association's lien six months priority over a bank's first mortgage. Joining the fifteen other states that have similar legislation, a "Super Lien" would not only preserve property values, but also the vibrancy of Ohio's neighborhoods and communities.
To watch the story please click on the following link: http://www.wkyc.com/video/default.aspx?aid=94514