Dealing with HOAs, part 2

In a podcast conversation, Bryan Treat and Jason Billick discuss the foreclosure process with Homeowners Associations (HOAs). They explain that when homeowners fall behind on their mortgage payments, they often also fall behind on paying their HOA assessments. HOAs have the power to enforce these assessments and can file a lawsuit or assert a lien on the homeowner's property. The speakers emphasize that HOA assessments are crucial for the functioning of the community and its day-to-day operations.

The speakers delve into the foreclosure process, explaining that the HOA can foreclose on a property if the homeowner fails to pay the assessments. The property is then sold at a foreclosure sale, with the opening bid being the amount owed in assessments plus any fees and costs incurred. The property is typically bought subject to any senior liens, such as a mortgage.

The speakers stress the importance of understanding the right of redemption in HOA foreclosures, which allows homeowners to buy back their property within a certain timeframe by paying the debt owed and potentially additional costs. They advise homeowners to hire an attorney well-versed in HOA law to navigate the redemption process.

The speakers also mention that homeowners should communicate with the HOA and explore options like payment plans to avoid foreclosure. They highlight the need for homeowners to stay informed, open their mail, and seek legal advice to navigate the complexities of HOA foreclosures.

The podcast is important for individuals facing foreclosure or eviction due to income reductions during the pandemic, providing them with information and resources to protect their homes. It emphasizes the importance of understanding the process and potential financial implications of HOA foreclosures and encourages homeowners to seek legal assistance to protect their interests.

Contact Jason Billick at http://abdmlaw.com/attorney_billick/

Contact Bryan Treat at https://orchard.com/agent/bryan-treat

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