URGENT! From the Community Associations Institute - Tennessee Chapter
We need your help immediately! Please call, email, and even come down to Nashville and tell the House Business Utilities and Senate Judiciary Committees to OPPOSE HB 2401 and SB 2397.
HB 2401 and SB2397 are being pushed through the legislature by banks who are using false and misleading statements to confuse legislators and trick them into passing the bills.
That is why these legislators need to hear from you. They need to hear from their constituents and residents of Tennessee just how these bills will impact communities.
If passed HB 2401 and SB 2397 will:
- Cripple your community's ability to reach financial stability. The bills allow banks to stall and continue to delay in perpetuity foreclosures creating further despair in the housing recovery efforts.
- Force you to pay more assessments. Your assessments go toward maintaining roads, storm water control, public lighting, insurance and other services that protect your community, bolsters your property value and contributes to your quality of life; services once provided by your local government. When one of your neighbors fails to pay their assessments and abandon their property the burden shifts to others in your community to cover the costs through special or increased assessments. Current law provides your association a tool to recover a modest six months of those assessments prior to anyone else, keeping your assessments level. These bills bury that tool.
- Decrease your property value. This bill strips banks' incentive to quickly foreclose on a property, allowing abandoned property in your community to stay abandoned.
The banks are lying to legislators telling them that the federal government is pushing for this change. They are further saying the federal housing agencies will no longer back mortgages in states that have this law. This is completely false!
The federal government asked banks to work with your associations, not introduce laws that will cripple them. There are 21 other states and the District of Columbia and Puerto Rico that have this law. Are the federal housing agencies really going to stop backing mortgages in 22 states? No!
Please contact the House Business Utilities and Senate Judiciary Committees and tell them to oppose HB 2401 and SB 2397 today and every day for one week. The bills are being heard in Nashville Tuesday and Wednesday, March 22 and 23. Come stand with us and oppose these bills. Tell these legislators what is really going on.
Talk to your neighbors, friends, and anyone you know that owns a home within a community association in our state and direct them to contact these legislators.
Protect your home, protect your investment, and oppose these bills!
Tell these legislators to OPPOSE HB2401
Tell these legislators to OPPOSE SB2397
CAI Tennessee Legislative Action Committee.