In some states, such as Texas, an HOA can foreclose to collect on a recorded lien for any amount of unpaid dues or penalties. In Georgia, there is a $2,000 threshold of unpaid dues, penalties and fees before an HOA can foreclose. While the common foreclosure method in Georgia is a no...
"A homeowner association (HOA) is an organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and residents. Those who purchase property within an HOA's jurisdiction automatically become members and are required to pay dues, which ar...
(even if it has a mortgage). This doesn’t happen often, and the HOA will most likely do what they can to prevent it from happening. However, if a lien is placed against your home, you won’t be able to sell your property. The HOA could even potentially opt toforecloseon the lien...
So should a condominiumforecloseon a delinquent property? The answer is yes -but only after all other attempts to work it out with the owner have been deployed.Foreclosure is there, but nowadays there is a lot of equity in properties, and there is money to collect from that equity. For e...
This property is a good example of how the lenders are getting clobbered. The dollar amounts involved are small because this unit is low end; however, the magnitude of the loss is tremendous. It is foreshadowing losses to come on nicer properties. ...