Did You Know Your HOA Can Foreclose On Your Home?
Have you noticed your association mowing your neighbors yard? Wonder why?
Did you ever think that you could loose your home for $2400 or less? You can.
If you fail to pay your HOA fees, the association has the right to put a lien on your home. If you cannot work out an agreement and continue to default on your HOA fees, the association has the right to foreclose on your property. They will take possession for the time it takes the mortgage company to complete a short sale or foreclosure on the property. In some cases, the associations will rent the house back to the owner. In some cases, they will put in short term renters at a reduced rate.
While this was less common when owners had innate equity in their homes, that is often not the case currently in Central Florida. So, if your funds are tight and you are looking to “trim the fat,” you might want to explore other options.
Have questions or experience in this area? I would like to hear from you.