Update on Foreclosure Prevention Law: A Public Service Announcement to Association Board Members and Managers
You may soon be hearing about a new law, passed in August, that is sometimes referred to as the Foreclosure Prevention Law. The Banking Commissioner is charged with establishing rules and regulations for compliance with this law, which is designed to prevent or forestall home foreclosures on risky loans.
We thought you might be wondering about this new policy, and we want to stress that you don’t need to be concerned about how this will affect you. In fact, the law does not in any way adversely affect our statutory lien foreclosures for unpaid condominium common area assessments.
We hope this clarification is helpful to you!