On behalf of CAI’s Legislative Action Committee, I wanted to alert you about an important piece of legislation we are promoting in Georgia. The proposed bill (number not yet assigned) establishes that, at the time of a foreclosure sale on residential property, the new homeowner shall take title to the property subject up to six months worth of homeowners or condominium owners association fees, if any such fees are due at the time of foreclosure.
This legislation is vital to our HOA’s and COA’s, many of which are suffering significant losses because these debts remain unpaid at the time of foreclosure. When such dues remained unpaid, every member’s property value suffers! This bill is a reasonable compromise with lobbyists for the bankers and realtors, who rejected our prior proposal. However, both of these groups maintain that they will not support any legislation that holds the purchaser responsible for any outstanding homeowner’s association fees.
Our advocates at the Capitol have asked that we reach out to our legislators and ask for their support of this important bill. Please call and email the Chairmen of the House and Senate Judiciary Committees, whose information is provided below.Representative Wendell Willard Chair, House Judiciary Committee (404)656-5125 email@example.com Senator Bill Hamrick Chair, Senate Judiciary Committee (404) 656-0036 firstname.lastname@example.org
Please also reach out to your local Representative and Senator, whose contact information can be located by typing your zip code into this link – http://www.votesmart.org/. When you contact them, please identify yourself as a constituent and tell them you are in support of proposed legislation to protect a property owners association‘s right to collect fees due at the time of foreclosure. Please contact them as soon as possible!
Thanks in advance for your support of this effort.
www.riversidepropertymgt.com (678) 866-1436
Via Email from:Julie Jackson CAI-Georgia P.O. Box 2943 Peachtree City, GA 30269 Phone: 770-736-7233 www.cai-georgia.org