Housing & Real Estate – Challenges We May Face & Tools to Get Through Them

Alright and welcome back everybody.
So as we're starting to gear up
to re-enter work again, if you will.
Some of the things that are being brought up
of major concern,
of course—
Oh!
I’m gonna
do this light differently.
There we go!
All right,
welcome back everybody!
James Phifer with ACCU Inc.
If you haven't already,
do me a favor!
go and hit that like And subscribe button.
It really helps generate some things that I need to be able to reach goals,
specifically 200 followers.
So if you go ahead and do that for me today,
I’d sure like that a lot!
So anyway,
what I have to talk about today is
what is going on in housing and real estate?
FHA / VA
those types of loans
are giving a little bit of leniency on
forbearance.
so if a homeowner
is currently paying
$3,000 a month
for their mortgage,
in 90 days
they will owe
a single payment of $9000
which to me makes no sense
because if they don't have the money to pay it now
in 90 days,
really, how are they going to get that money?
I think that's going to
lead us into—
I don't want to call it crisis
because I'm not trying to be Chicken Little
but I think there are some real expectations here
that need to be met.
So for talking about
mortgages not being paid,
lets talk about
what we do and a collection of HOA assessments.
Some boards are being very lenient
and saying all fines and fees associated with those delinquencies are Are hereby waived.
Unless they redo the budget,
I suppose they really cannot waive the assessment.
The assessment is required in the Declaration.
So Colorado does have a six month payment plan.
I talked about it on a prior video.
I said be proactive!
Make sure that you call your management company.
That's the best thing that you can do.
"If you're going to have a hard time
paying assessments
be proactive!"
boards and managers—
If you start to see a large number of people
stop paying their assessment,
what are some of the tools available to you?
So to be proactive as a board,
You may want to reach out to your collection agency or your attorney.
Law firms will have retainer programs
that could possibly save you money.
If you think that there's gonna be a lot of people in the association not paying assessments
and then there's a
high-risk high-reward
style collections,
which is the say they will not charge anything
until they're successful in collecting a fee,
but at that time
they will take a larger percentage of that collection.
So maybe start researching what tools are available to a board.
Let me be very clear.
There's a few
I n t e r e s t i n g
products on the market
that you should be
hesitant to take.
Okay?
Those that are coming in and wanting
to buy the bad debt
that’s something that's really owed to the association
and if you can  hold out
you may want to think about holding out
and trying to recollect on 100% of that debt
instead of selling it off.
If you are in a urgent need
there are programs out there
that will purchase the bad debt
and some of them will even pay the assessments
for those not paying moving forward.
So if you want to hear a little bit more about who offers those Those types of things
you can always reach out to me directly on my phone.
We are going to be following on some tough times.
We are going to be having to make decisions
that we haven't had to make
since, really 2008-2009.
That was very difficult
trying to be a neighbor
and run a corporation at the same time often times
those hats don't go on at the same time
and can be very difficult!
board members, You do have a fiduciary responsibility to the corporation
and to make sure that you look out for its best interest.
I think right now most communities are doing everything that they can
to try and be lenient and compassionate to their Association members.
There may come a time that we start to see higher foreclosure rates,
A lot of people not paying assessments.
So if you have things geared up to get done this year,
you may want to sit down with your board
and have a conversation
of what real expectations are regarding the collection of HOA fees.
So with that I'm going to go ahead and sign off!
Again, like And subscribe to my YouTube channel!
James Phifer with ACCU Inc.
until next time,
I forward to bringing you more content.
Thank you.
(Chicken Little)
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