HB Foreclosure
Solutions

Items to Have Ready

In order to establish a formal funding agreement with Foreclosure Solutions, the following is an itemized list of all required documentation that will be requested upon receipt of your inquiry. Providing Foreclosure Solutions with a thorough account of all requested documents will help expedite the process and provide your association with immediate funding:

1.Declaration of condominium for association and amendments

2.Association by-laws.

3.Approved budgets for the association's current year and previous year

4.If there is an active bank loan for the association, provide a copy of the loan agreement

5.Current association board members names and disclosure of the condo units in which the board members have an ownership interests within your condominium association.

6.An explanation of the units under guaranty in relation to overall budget and disclosure in regards to any developer and/or association's negative financial and/or credit issues is required if a developer guaranty is in place for your association's budget, (i.e. – loan defaults, bankruptcy, assessment delinquencies, etc.)

7.We will also need the following documentation for all delinquent assessments acquired, including:

◦Individual unit number

◦The current unit ledger which reflects all assessment history, identifying assessments billed and payments received including balance info. The accounting ledger must be provided as far back as the units last zero or credit balance. If possible, providing this info in an electronic format is strongly preferred. (an excel spreadsheet report or a editable electronic document, i.e. Microsoft word or management software data file)

◦Mailing address for owner of record (if a non occupant or an absentee owner), as well as any available contact info on the subject owner including current phone numbers and e-mail addresses

◦Copy of the owner's deed (if available)

◦Name and address of mortgage holder for unit (if available)

◦If the subject unit's assessment delinquency has already been delivered to a collection attorney or independent collection service, complete disclosure of the terms of that agreement must be provided as well as the collection related billing to the account and associations costs incurred to date.

◦If the unit is currently in mortgage or association foreclosure, copies of all foreclosure summons, lis pendens, and all correspondence regarding such matter which has been received or recorded.

◦Any special assessment or other association claims against the owner of the subject unit.

◦A confidentiality agreement to Associations regarding the receipt of any information will be provided by Foreclosure Solutions upon request.