Wednesday, April 7, 2010

Financial Sense For Your Community

If you have an association website, it makes sense to encourage as many of your owners to use that site in order to cut down on printing and postage costs associated with notices, copies of the governing documents, etc.

It also makes sense to have a line of credit established now before the number of delinquencies in your community rises to a level that makes you ineligible for same.
Consult with your insurance agent to determine if your insurable value and coverage is correct given the current market conditions.

If you are one of the unfortunate few that are still subject to a recreational or land lease on your common areas now might be the time to attempt to buy out that lease. A lump sum might be more attractive to a lessor in this climate than it would have been in years past.

Lastly, it makes sense to help your owners who are struggling to stay in their homes. Some lenders are offering free foreclosure seminars and other useful tips to help your owners regain their financial health, stay in their homes and start paying their association fees once again. Older owners with equity in their units may be able to secure a useful reverse mortgage.

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