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Bankruptcy and Foreclosure Survival for HOA's in Arizona

By Randy Hooker

Real Estate Broker/Owner with Dreamcatcher Realty / Greater Phoenix Area

March 20, 2009 01:35 PM

VALLEY OF THE SUN

Arizona Flag

Many members of homeowner associations (HOA's) across the greater Phoenix metro area are being impacted by the economic downturn.

Some HOA's are facing collection issues and possible bankruptcy, as well as being heavily impacted by a reduction in the collection of HOA fees, cash flow problems and community disrepair challenges.

With delinquency rates of HOA fees at an all-time high, it’s important to know the issues that your community may be facing, and what solutions you can provide.

Members and boards of HOA's are invited to attend an event that will examine current HOA financial challenges.

Who? ~ A panel of attorneys will address these issues and will open up the concerns for a group discussion. The event is being sponsored by the Leadership Centre, in partnership with the cities of Apache Junction, Chandler, Gilbert, Mesa, Queen Creek and Fountain Hills

When? ~ Wednesday, March 25, 2009 from 6:00-8:30 pm

Where? ~ The Zane Gray room at the Queen Creek Library, 21802 S. Ellsworth Rd., Queen Creek, Arizona

Cost? ~ FREE!

Chandler Homes ~ Gilbert Homes ~ Mesa Homes ~ Queen Creek Homes

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Teresa Harris

Lake Real Estate, LLC - Denver, NC

Denver . Lake Norman . Charlotte

Hi Randy, this sounds like this will be a very informative meeting for members and boards of HOA's....and it's FREE info!

Mar 20, 2009 01:40 PM

Celeste "SALLY" Cheeseman

Liberty Homes - Mililani, HI

(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

That's great that concerns can be brought up at a group event such as this. It will bring to light the ramifications as well as address some concerns on what can possibly be done to save the community in trouble.

Mar 20, 2009 02:11 PM

Randy Hooker

Dreamcatcher Realty / Greater Phoenix Area - Gilbert, AZ

Gilbert, Chandler, Mesa, Queen Creek

Hey Teresa ~ I sure hope so! We have some HOA's around here that are really struggling, and a lot of misinformation is floating around.

Mar 20, 2009 02:12 PM

Hi Sally! When I first heard about it, and lawyers being present, I was a little concerned that there might a not so small riot. ;-) But it's a much-needed and long overdue addressing of the HOA concerns in this area. Good to see you again! :)

Mar 20, 2009 02:16 PM

Sally Dunbar

Lyon Real Estate, Fair Oaks CA (Sacramento Area) - Fair Oaks, CA

Fair Oaks Realtor - Fair Oaks Homes for Sale

Great idea... we've had some HOA's decimated by the economic downturn, especially newer ones.

Mar 21, 2009 04:17 AM

I've heard stories like that from all over the country, Sally! I'm hoping this kind of public forum, feedback and advice will be the start of a new wave of help for HOA's.

Mar 21, 2009 05:36 AM

Jim Frimmer

HomeSmart Realty West - San Diego, CA

Realtor & CDPE, Mission Valley specialist

My farming area has 40 condominium complexes. All but a few are suffering. The few that are not suffering are mostly those with owners who own their units and have lived in them for 20 or more years. There is one HOA that is somewhat rich, and I heard rumours that they actually are lending money to some of the other HOA's in the area. People helping people.

Apr 07, 2009 01:57 PM

Anonymous

Loren

Our HOA Board of Directors was elected in April 2010. All the members of the Board with the exception of one member were invited to run by a HOA member. The Board meetings are held at this member's home because she claims to be disabled and is unable to attend meetings outside her home. Before the meetings those who arrive early fill her home with cigarette smoke. Three of the current Board members smoke and have no problem with a smoking venue and feel that by not smoking during the actual meeting they are making sufficient concessions to the non-smoking members of the HOA and HOA Board. Also, the meetings are held at 4:30 in the afternoon because the member claiming disability is medicated and can not function later in the day. Some feel that having a meeting at 4:30 in the afternoon is sufficient for those members who have to work.

How should we go about moving our meetings to a public non smoking venue at a time when the general members can easily attend?

Aug 07, 2010 07:07 AM