If you think hurricanes, wildfires, tornadoes, floods or polar vortexes won’t happen to you or that you don’t need to insure against these disasters in your homeowners association, you’re among the nearly half of U.S. homeowners and renters who lack the insurance coverage to deal with potential losses, according to the National Association of Insurance Commissioners (NAIC).
As a Board member of a homeowners association you may be faced with making decisions to foreclose on homes in your Association. This is not a pleasant task, but it is a necessary one at times. Some homeowners may challenge the entire process and you and the Board should know what you are doing and why.
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.
