Re: Can Board lien property for loan

Thanks Jerry.

I thought this was the case but wanted to be prepared with the facts.

We have a free wheeling and out-of-control Board that is in trouble and will
try to get away with anything they can.


"Jerry Levine" <[EMAIL PROTECTED]> wrote in message
news:[EMAIL PROTECTED]
> 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?
> >
> >
>
>