Across the country, thousands of homeowners are trying to make ends meet, paying their bills and keeping up with their mortgages so as not to go through the trouble of foreclosure. But many are finding out that they could still lose their properties to repo list even if they pay their mortgage payments diligently.
Non-payment of homeowners’ association dues may also lead homeowners to lose their properties. Most of these homeowners and condominium associations have the tasked of keeping the neighborhood safe and livable, such as overseeing security patrol, planting flowers, mowing lawns or keeping the community swimming pool clean. And they also have the right to place a house on repo list for non-payment of dues, as stated in purchase agreements signed by homeowners.
In the event that a homeowner defaulted on his dues, the homeowners’ association will turn over the task of collecting unpaid dues to outside management companies.
Management companies and homeowners’ association boards argued that the practice of foreclosing on houses because of non-payment of dues is their way of maintaining the neighborhood and preserving the property values of other members.
Merit Property Management executive vice president Andrew Schlegel said that the homeowners’ associations have compassion for every individual but they also have to consider those homeowners who are diligently paying their dues.
Homeowners’ associations in California have the authority to place houses on repo list after a year of missed dues or $1,800. But homeowners’ associations are exhausting all ways to help members remain in their properties. In fact, most delinquent homeowners end up keeping their properties.
Homeowners’ associations do not want to lose their dues-paying residents who are also suffering from the impact of the economic crisis and the housing collapse. Normally, they would work with delinquent homeowners to create solutions or come up with a compromise that would be beneficial to both parties.
Meanwhile, in Florida, attorney Bob Tankel said that he increased the number of his staff since last year to cope up with the rising caseload of about 3,500 homeowner and condominium associations’ open collections.
Data from the Community Association Institute showed that over 59 million are living in nearly 300,000 communities governed by homeowners’ associations. And most houses placed on repo list because of non-payment of dues have mortgages held by lenders.
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