Home Owners Associations are far more prevalent today than perhaps a few decades ago. Nowadays if you buy a condominium or a townhouse or even many average single-family homes; like it or not, you will most likely be a part of an HOA community. That means there will be various fees that you will need to pay on top of your mortgage. So what happens when your home is foreclosed upon? What fees can you expect to owe to your HOA? We will proceed to discuss this subject right now.
To begin with, we will explain the basic purposes of the HOAs. They are legally obligated to manage and oversee the maintenance of their specific community in accordance with the laws for their home state. Each HOA typically has its own set of rules and restrictions that apply to every home within that community; including YOURS. In addition to being the party who enforces these rules and restrictions; the HOAs are responsible for collecting any fees or assessments that are associated with each home within their community. If this sounds a bit over the top and like something you are unwilling to abide by; we firmly suggest looking into whether your prospective home is managed by an HOA BEFORE YOU BUY IT!! If you are not familiar with their legal terminology at any point before or after you buy your home, DO consult your real estate lawyer.
It is vitally important for you to know that; if an HOA has a lien on your property, it IS LEGALLY entitled to foreclose on that lien. This is true even if you are paying off a separate mortgage fee and are on time with those payments. The specifics involved with these proceedings vary depending upon state laws and the rules spelled out in the first place by your HOA. Again; if you do not like these concepts of an HOA, DO NOT move into a home where an HOA exists!! That is the best way to avoid all of these problems. However; on the positive side, a community may be much more well-maintained and enjoyable to live in if an HOA is in charge of it. So there are definitely good points to having an HOA.
There are legal options available to you if your Home Owners Association begins foreclosure proceedings against you. For complete details; again we urge you to contact your lawyer. However in general; one option is to legally have their accounting records examined by an expert. It is possible this will prove if incorrect accounting has led to this foreclosure action. If the HOA fails to comply with this legal request, your foreclosure proceedings might be dismissed. Another reason for possible dismissal of this action could be if your HOA did not abide by your state laws when it filed foreclosure proceedings against you. This can also be proven and legally challenged by an official expert on these matters. In either case you should be prepared to go to court if necessary to fight for your home.
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Thank you for reading.
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