Re: Can Board lien property for loan

They can't pledge your home as collateral. They can pledge common property
but not your personal property (your house).
"cookoonest" <[EMAIL PROTECTED]> wrote in message
news:[EMAIL PROTECTED]
> Can a Board (I'm in California) obtain a loan on behalf of the Association
> and pledge our property, via a lien as collateral, without a vote of
> Homeowners?
>
> Can they do this by majority vote or do they have to get each Homeowner to
> agree to this?
>
> Are there any laws that refer to this situation?
>
> I know that they can place a lien on a property if someone doesn't pay an
> assessment but in this case they would be using the lien as collateral to
> borrow money which would THEN become an assessment.
>
> Anyone have any ideas on this?
>
>