My comments in the Northwest Condo & HOA Blog article, “Using Bad Debt Line Items in Association Budgets” is repeated here.
The choice by HOA boards of the “cruel and unusual punishment” discrminatory foreclosure right, and unjust transfer fees, coupled with the “free income” gravy money found in a policy to fine, fine, fine is dispicable. It is a preying upon the weak and disadvantaged.
“You provided very important info on failure to heed CPA advice on bad debts, and choosing to foreclose instead. HOA boards are derelict in their duties to act prudently. Foreclousre is unjust and discriminatory against those with high equity. And foreclosure is a cruel and unusual punishment for the HOA that has not advanced any hardcash like a bank.”
In general, see my Commentary links below.