If a unit is foreclosed does the bank receive a ballot for voting? What
does this do to the overall number to establish a quorum?
If a unit is bank-owned, the bank has a right to vote just like any
other owner. If the bank is current in paying its assessments, it is in "good standing
" and its units are included in the calculation of a quorum.
Problems with Banks.
There are two problems with bank-owned properties--knowing who to send
the ballots to and getting them to vote. Banks almost never participate
in anything. If the board can identify someone at the bank who handles
the REO Department
and develop a working relationship with that person, the HOA could
probably talk them into returning a ballot for quorum purposes. To
eliminate this problem altogether, associations should amend their
bylaws to eliminate quorum
requirements for the election of directors. In addition, associations should record a "Request for Notice
" whenever a foreclosure occurs.
: Associations needing legal assistance can contact us
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