Condo-fee foreclosures become headache for homeowners: Condo
homeowner
associations are increasingly going after owners who have fallen behind
on paying their HOA fees by triggering foreclosures against late
owners. But some mortgage experts worry the move could have a ripple
effect on other owners too in the form of higher interest rates and fees
on their mortgage. A
legal process gaining traction among states called “super lien” gives
HOAs the right to begin a foreclosure proceeding against property owners
when the owners are seriously delinquent on their HOA fees. The process
is allowed in more than two dozen states read more.
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