Good News! Last week, the Senate defeated a bill which could have had a negative impact on community associations across the country. Many board members, property managers and attorneys have been concerned about the possibility that this legislation would have allowed a federal judge to modify a owner’s financial obligation to the association. Essentially, a judge may have been able to drastically reduce or even eliminate the fees owed by a delinquent owner to an association. While finding remedies for the financial and foreclosure crisis remains a national priority, this legislation had the potential to create a new crisis: crippling America’s communities.
Realizing the gravity of the situation, the Community Association Institute’s (CAI) Government and Public Affairs Team worked very hard to lobby Congress against this bill. Ultimately, their efforts, along with grass roots opposition from board members across the country, proved to be successful. This is a legislative victory for community associations all over America!
For more on the story, read the CAI’s press release: Mortgage Modification Legislation Dies in Senate (word document)