Hi all,
Following is a letter written by Gary Poliakoff to the President of the United States regarding Banks paying their obligation to the Associations when foreclosing on Units.Let's hope it finds receptive ears.
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Dave Israel
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Reply To:
Fort Lauderdale
Gary A. Poliakoff, J.D.
Direct dial: (954) 985-4150
GPoliakoff@becker-poliakoff.com
Reply To:
Fort Lauderdale
Gary A. Poliakoff, J.D.
Direct dial: (954) 985-4150
GPoliakoff@becker-poliakoff.com
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February 26, 2009
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The Honorable Barack Obama
President of the United States
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
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Re: The 60 Million Forgotten Victims of the Sub-Prime Mortgage Crisis, Bank Failures, and Home Foreclosures
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Dear President Obama:
The Honorable Barack Obama
President of the United States
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
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Re: The 60 Million Forgotten Victims of the Sub-Prime Mortgage Crisis, Bank Failures, and Home Foreclosures
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Dear President Obama:
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Much has been said and written about the mortgage crisis and its impact on both banks and
borrowers. And while the “Homeowner Affordability and Stability Plan” will, hopefully, go a
long way towards stabilizing the housing market, there is one aspect of the problem which has
been largely ignored: namely, the failure of banks and defaulting homeowners to pay their share
of the common expenses necessary to maintain the Nation’s 300,000 condominium,
cooperatives and planned developments operated by community associations. As a direct result, innocent unit owners, those who are timely paying their share of the common expenses, are being forced to cover the bad debt for defaulting banks and unit owners. In some cases there just aren’t sufficient funds to pay for electricity, ground maintenance, insurance, security, waste management, and other essential services necessary to preserve the property values.
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To put this into proper perspective, according to the Community Association Institute
(www.caionline.org), the value of homes in all associations is estimated at $4 trillion. Estimated
annual operating revenue for U.S. community association operated homes, housing 60 million
Americans, is more than $41 billion. To a large degree, the assessments paid by the unit owners are going to maintain the collateral of the banks and defaulting unit owners, neither of whom are paying their share of the common expenses.
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There is a solution to this problem--banks receiving Federal bailout monies and unit owners
offered restructured mortgages at lower interest rates, as a condition of their receiving Federal
funds and lower interest rates should be obligated to bring their obligations to their Community
Associations current.
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I trust you will give this matter the important consideration it warrants. Feel free to call upon me
if I might be of any assistance in finding a solution to this crisis.
Very truly yours,
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Gary A. Poliakoff, J.D.
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cc: Elizabeth Warren, Chair, TARP Congressional Oversight Panel for Economic Stabilization
Neel T. Kashkari, Interim Assistant Secretary of the Treasury for Financial Stability
Much has been said and written about the mortgage crisis and its impact on both banks and
borrowers. And while the “Homeowner Affordability and Stability Plan” will, hopefully, go a
long way towards stabilizing the housing market, there is one aspect of the problem which has
been largely ignored: namely, the failure of banks and defaulting homeowners to pay their share
of the common expenses necessary to maintain the Nation’s 300,000 condominium,
cooperatives and planned developments operated by community associations. As a direct result, innocent unit owners, those who are timely paying their share of the common expenses, are being forced to cover the bad debt for defaulting banks and unit owners. In some cases there just aren’t sufficient funds to pay for electricity, ground maintenance, insurance, security, waste management, and other essential services necessary to preserve the property values.
-
To put this into proper perspective, according to the Community Association Institute
(www.caionline.org), the value of homes in all associations is estimated at $4 trillion. Estimated
annual operating revenue for U.S. community association operated homes, housing 60 million
Americans, is more than $41 billion. To a large degree, the assessments paid by the unit owners are going to maintain the collateral of the banks and defaulting unit owners, neither of whom are paying their share of the common expenses.
-
There is a solution to this problem--banks receiving Federal bailout monies and unit owners
offered restructured mortgages at lower interest rates, as a condition of their receiving Federal
funds and lower interest rates should be obligated to bring their obligations to their Community
Associations current.
-
I trust you will give this matter the important consideration it warrants. Feel free to call upon me
if I might be of any assistance in finding a solution to this crisis.
Very truly yours,
-
Gary A. Poliakoff, J.D.
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cc: Elizabeth Warren, Chair, TARP Congressional Oversight Panel for Economic Stabilization
Neel T. Kashkari, Interim Assistant Secretary of the Treasury for Financial Stability
2 comments:
This is great stuff but it should be all the Fl. Congressmen and the 2 Senators sending this message to the President.
Does anyone know what issues the CV Democratic Club takes on? Maybe I have missed their activism on CV issues and other issues that concern Ammericans . Illegal Aliens, Stimulus package and gas prices, to name a few. What interaction do they have with the State and Federal Politicians? Just Curious, Mike
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