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IRVING, Texas (AP) -- Thousands of Americans who have generally kept up with their mortgages are still in danger of losing their homes because they made a fateful trade-off in this shaky economy - they let their homeowner association dues slide.
Many homeowners are learning to their surprise that condo and neighborhood associations that oversee security patrols, mow lawns, plant flowers and clean the community swimming pool may have the right to foreclose when dues aren't paid.
Gauging the number of foreclosures nationwide by homeowner association is difficult. But in Texas, foreclosure attempts initiated by homeowner associations in 19 counties are up 30 percent from two years ago, according to Dallas-based Foreclosure Listing Services.
In the San Antonio area alone, foreclosure actions by homeowner associations jumped to 170 in April from 21 in April 2008, according to RexReport.com.
Originally posted by Layla
reply to post by LeaderOfProgress
"Foreclosure attempts" is far different than actual foreclosure. Anyone can attempt anything. Actually succeeding is an entirely different thing.
I'd like to see the numbers that show the SUCCESS of such attempts, then I'd worry.
In Florida, attorney Bob Tankel, who represents hundreds of homeowner and condo associations, said he has increased his staff from three to 16 in the past 18 months to handle a mounting caseload of 3,500 open collections. About one-fifth of those cases have reached foreclosure, he said.
Originally posted by ProtoplasmicTravelerthe havoc dwindling association revenues is causing is critical in some buildings that can no longer pay electric bills for things like elevators and pool pumps...