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Central Laredo district adopts four-year voluntary moratorium on foreclosures in delinquency policy
Summary
The Central Laredo Municipal Management District unanimously approved a delinquency collection and enforcement policy that includes a four-year voluntary moratorium on initiating foreclosures, while preserving the district's lien, allowing liens and payment plans, and setting post-moratorium safeguards including a 2-year minimum delinquency threshold and a required two-thirds vote for any future foreclosure action.
The Central Laredo Municipal Management District on March 9 unanimously adopted a delinquency collection and enforcement policy that includes a four-year voluntary moratorium on initiating judicial or nonjudicial foreclosure for delinquent assessments.
Julian Ratnovsky, a board member who presented the draft policy, read the moratorium language during the meeting: “the district hereby adopts a voluntary moratorium on the initiation of any judicial or nonjudicial foreclosure action for the collection of delinquent assessments.” Ratnovsky said the moratorium does not waive the district’s statutory lien and that the board can continue other collection efforts during the pause.
The policy allows the district to…
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