Help Protect Yourself and the Condo Association

http://www.mainelegislature.org/legis/bills/bills_124th/billpdfs/HP066301.pdf

Right now in the Maine Legislature they are discussing LD 961. The way the law is written now, if someone goes into foreclosure the town is first in line to collect back taxes. Then the first mortgage holder is next to receive money and after that is the Condo association followed by the second mortgagee.

That means that if a unit owner owes the association money and goes into foreclosure that the association is very likely to be out the money owed.

(In example...a unit owner owes the association a years condo dues. Around $2400. In trying to collect that money the owner goes into foreclosure. The mortgage balance is $120,000 and at auction the price is $70,000.) The town is owed nothing, $70,000 goes to the mortgage holder and there is no money for the ITOA. Worse still, any legal fees or heating fees are also at our expense. If the Condo Association needs to recover those monies the result can be higher monthly fees.)

This bill will give the Condo association a priority. And its possible that it will result in the Association collecting monies owed without the unit owner losing their home.

PLEASE, Contact State Reps Don Pilon and Linda Valentino as well as State Senator Barry Hobbins to tell them that as a Condo owner you support LD 961.

Thanks!