One of every five Americans lives under strict rules and regulations that could potentially seize their homes from them, abolish their right to privacy, and take away their freedom of expression. The question arises, are homeowners association devils or angels?
Homeowners associations are headed for foreclosure on properties in an effort to force banks to take belongings of condos and pay homeowner’s fees. Generally, homeowners associations are much more belligerent than banks in seeking eviction or foreclosure actions against negligent homeowners. Miami homeowners facing foreclosure can often remain in their homes throughout the foreclosure process as long as they don’t run afoul of their homeowner’s association. A Miami foreclosure attorney should be consulted in cases where a homeowners association is involved in the foreclosure process.
Homeowners associations have come under increasing financial burden during the real estate bust as numerous foreclosures leave them with fewer fees and more empty units and properties to maintain. The reason homeowners associations have become so stringent is a result of an increasing number of banks that are delaying the sale, banks are hoping for a market rebound. Meanwhile, a property sits in limbo and the homeowners association doesn’t get paid.
Staying current on your homeowners fees is vital if you and your family want to remain in your home throughout the foreclosure process, which can take many years. For a homeowner, the homeowner association website provides the most efficient way for residents to stay current so they assess fees that impact their short-term and long-term finances.