HOA Foreclosures: A Potential Threat to Your Home Ownership
Wednesday, 13 March 2024, 16:00
HOA Foreclosures: A Potential Threat
Homeowners associations may have the right to take a home if fines and fees go unpaid. Keep reading to learn how this works.
HOA Rules and Liens
- Your HOA can impose fines and place a lien on your home if you fail to comply with association fees and dues.
- An HOA lien gives the association an ownership interest in your property.
- State laws regulate when and how HOAs can place a lien on homes.
HOA foreclosures are a real possibility depending on governing documents and state laws.
Protecting Your Home
- Understand the rules and costs of living in an HOA community before buying a house.
- Contest unfair assessments or pay dues in full to prevent foreclosure on your home.
- Don't risk losing your home by falling behind on payments owed to the HOA.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.