Code Violation Services (CVS) announced Tuesday a new technology platform built to address obstacles presented when homeowner association (HOA) obligations are not satisfied on a property.
[IMAGE]The new HOA Plus technology will help investors, lenders, servicers, asset managers, and title and closing companies avoid fines and delays due to unmet HOA requirements.
HOAs in 16 states and the District of Columbia maintain ""super lien"" status, meaning that HOA liens must be satisfied before all other liens.
If an HOA does not record its liens making it public record, the liens transfer with the property and the title or escrow company often does not know who to contact to address the issue.
[COLUMN_BREAK]""In most of these cases, simply finding out if a property is affected by an an HOA â€" or even multiple HOAs â€" is half the battle,"" says Rudy Krupka, CEO of Colorado-based CVS.
""The next challenge is obtaining the actual HOA contact and demand information, which is like looking for a needle in a haystack. Our new HOA platform is a one-stop, hassle-free resource that provides these answers quickly and efficiently,"" Krupka states.
While CVS is not the first to offer an HOA database, its database is unique in that it helps match HOAs with specific addresses.
HOA Plus first checks to see if an address has an HOA and then verifies the HOA's contact information, determines the HOA's demands, and offers collection information.
HOA Plus can also tailor its service to its client's needs because not all clients require the same information.
""Due diligence firms, for example, need to know if an HOA exists on a specific property without obtaining full demand information, which is the accrued HOA fees that the HOA requires to be paid before the property can close escrow,"" says Krupka.
""What makes HOA Plus unique is that we're able to break out results based on our specific clients' needs,"" Krupka adds.