CAI-NJ Sept.2018(w)(1)

FORECLOSURE... from page 14.

opposition forces and well-heeled special interest groups continue to oppose us every step of the way. But we are making substantial progress. The current legislative proposal does a number of things. In a nutshell, the proposed bill essentially allows a common interest ownership association to ask a Judge to mandate that the lender either prepare and file the required papers with the court to expedite its foreclosure or pay the monthly maintenance fee while the foreclosure is (albeit very slowly) working its way through the courts. After all, the mainte- nance fees of the paying unit owners go to support and preserve the bank’s collateral. As many of us lawyers have had to argue in court, the association received no loan “The consequences of these short-sighted decisions by banks have been unfairly visited on the association unit owners.”

mortgage was based solely on an assumption the property would increase in value indefinitely. When property values went down, the owner could not pay and ultimately went into default. The owner may have simply abandoned the property and left the property to decay and fall into disre- pair or the owner may have chosen to stay in the property, live in the community and enjoy its benefits without paying the maintenance fees or the mortgage while the bank eventually gets around to completing a foreclosure. All of this negatively impacts the equity of the owners paying maintenance fees and property taxes. Incredibly, in New Jersey, it can take seven years or more for a foreclosure to reach a conclusion. All the while, no one is paying the maintenance fees, which, of course renders a substantial hole in the budget. This is particularly frustrating to the unit owners who pay the maintenance fees and the property taxes to have to, in essence, subsidize these units. The problem is manifest. We feel the solution is rather straightforward. Nevertheless,

ACCURATE, REALISTIC FUNDING PLANS OVER 2,000 RESERVE ANALYSES PERFORMED

The Falcon Group prides itself on having a strong, talented team of five (5) licensed Reserve Specialists (RS). Since 1997, we have provided over 2,000 Reserve Studies to communities and building owners. We want to be your partner for success to protect your assets through an accurate, pro-active and realistic reserve funding plan and with your next capital planning & improvement project. Contact us today for more information.

NEW JERSEY HEADQUARTERS 682 Hwy 202/206 Bridgewater, NJ 08807

info@falconengineering.com www.falconengineering.com 908-595-0050

16

S E P T E M B E R , 2 0 1 8