If your homeowners association Board is initiating an HOA foreclosure process, did you know that there are two different types of foreclosures?
As an HOA Board member you may be faced with the task of having to make the decision to foreclose on homes in your association. We’ve all been challenged by the financial climate these last few years and it is going to take some time to bounce back. Therefore, HOA foreclosures are inevitable.
All you have to do is drive around many homeowners association neighborhoods to see that the number of homes in foreclosure has been on the rise over the past several years. These rising foreclosure rates have led to an increase in scam artists offering to aid homeowners in financial straits. They typically promise to show you how to save your home if you have a home or homes in foreclosure, but will strip away the value of the home with no benefit for you, the homeowner.
