If you are moving into a new neighborhood, you might find out that there is a Home Owner Association that governs a lot of things when it comes to your choice in architecture and lifestyle. HOAs can be a force for much good in your neighborhood, but there are some associations that have misused their power, sometimes with bad motives.
In some states, HOA’s can do what is called “non-judicial foreclosures” when homeowners fall behind on their dues. Homeowners might not even have a right to a hearing, but will just receive a couple of letters before the house is sold on auction. The letter that might go unopened until a sale is imminent.
Before moving into a neighborhood where there is an HOA, you might want to do some research on the current bylaws, as well as the history of the HOA when it comes to foreclosures. If possible, interview some current residents to see how they feel about the HOA.
Recent Comments