Critical Component: Insurance – Ours and Yours
Of the many things your association assessment pays for, insurance is one of the most important. Association governing documents and state law require the association board to purchase adequate insurance as part of a comprehensive risk-management program. Our association has two types of commercial insurance coverage—property and liability. Property insurance covers loss of […]
Mortgage Relief for Distressed Homeowners
To help the millions of homeowners whose Federal Housing Administration (FHA) mortgages are threatened by foreclosure, the FHA established the Home Affordable Modification Option, or FHA-HAMP. Homeowners approved for this program could have their monthly mortgage payments reduced significantly. Homeowners may only apply for FHA-HAMP once. And although they are not required to have equity […]
Prepare Now for Job Loss
With millions of Americans unemployed, some for an extended period of time, those who currently have a job would be well-served by remembering the Scouting motto: Be Prepared. If you haven’t been a victim of a layoff, it is highly likely that someone you know has. Let this grim reality serve as an incentive to […]
Online Shopping Safety: Credit Card, Debit Card or Check?
Merchants are making online shopping increasingly convenient by accepting not just credit cards, but debit cards and checks. However, according to the Privacy Rights Clearinghouse (PRC), the safest way to shop online is with a credit card. If something goes wrong, you’re protected under the federal Fair Credit Billing Act. Here are other online shopping […]
Understanding Special Assessments
There’s no way to sugar-coat it: everyone hates special assessments. Getting a notice that you owe more money to the association can not only put a damper on your day but also a dent in your wallet, both of which the board is sympathetic to. In a perfect world, there would never be a need […]
Reduce Home Energy Bills
U.S. homeowners can lower home energy bills, lower federal income taxes and increase home comfort by making energy efficiency home improvements that qualify for up to $1,500 in federal income tax credits. Consumers who make energy-efficient upgrades can also reduce their personal carbon footprint because using less energy at home means emitting less pollution too. […]
Saving for the Holidays
In these tough economic times, many of us are trying to stretch our dollars and keep our debt as low as possible. The following tips from the National Foundation for Credit Counseling (NFCC), offer easy ways to save: Empty the change in your pocket into a jar each night. Pocket change can add up to […]
Surviving Job Loss
It’s never a good time to lose your job. However, the current economic environment has resulted in business closures, downsizing and layoffs for many in our community. The National Foundation for Credit Counseling offers the following tips for surviving a layoff: Allow yourself to be upset or even afraid. These are natural reactions. However, if […]
Avoid Silly Mistakes on Your Tax Returns
Tax time is fast approaching. Many of you prepare your own tax returns, so we wanted to remind you of a few common mistakes and offer ways to avoid them. Let’s get the bad news out of the way first: You cannot deduct your association assessment. Although they’re used like taxes, assessments aren’t taxes. They’re […]
Misconceptions about Property Values
Like almost every community in the country, our association is feeling the pinch in the housing market. We’d like to dispel a few common misconceptions about what contributes to the rise and fall of property values. Assessments are too high False. Actually, assessments have nothing to do with property values, and high assessments will not […]
