17
Jan
11

THE FORECLOSURE NIGHTMARE…

Currently many banks have issued foreclosure suspensions. What does this mean to the HOA?
This means the homeowner can live in the condo or home for free. They have stopped paying the mortgage and then they have stopped paying the monthly homeowner assessment. In the past the HOA could expect a speedy foreclosure process by the bank resulting in the HOA getting paid the monthly assessments.
Now the HOA must pursue the foreclosure themselves. This is the quickest and cheapest alternative. The homeowner will quickly realize that to stay in the home they must pay the assessment with the savings from not paying the mortgage. Then the homeowner can wait and see what the bank will do.
The HOA’s can break the foreclosure suspensions. They have no choice!!!

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