By Beth Mulcahy, Esq. It’s that time of the year again… Fiscal year 2015 has ended for most of our association clients and boards are now considering the next requirements with regard to the association’s 2015 financial books and records. Many boards have contacted our office asking if an association is required to have an audit done by a CPA [...]
It has happened; there are funds missing from the checking account. Figures do not line up and you cannot get in touch with anyone. The board always sees a financial statement at each board meeting, so what went wrong? Any organization that believes it is immune from the fraudulent use of funds is destined to become a victim. Mulcahy Law [...]
By Beth Mulcahy, Esq. When a homeowner files a bankruptcy (and lists an association as a creditor in the bankruptcy), there is an automatic stay in place, which prohibits the association from proceeding forward with collection against the owner or face strict and costly penalties. The association may proceed forward after the bankruptcy is dismissed, a lift of stay is [...]
By Beth Mulcahy, Esq. If an owner becomes delinquent on his/her mortgage or deed of trust mortgage, the deed of trust company may initiate foreclosure proceedings on the owner’s property by noticing a Trustee’s Sale. Secure the association’s interests: A lien places the Trustee on notice of the association’s interests, so the association will receive notice of the Trustee’s sale and [...]
