MyFox Tampa Bay | Homeowner's fees leading to foreclosures: "AMPA - Attorney Bob Tankel's day revolves around foreclosures. His inbox is full of cases needing his attention, but he doesn't work for a bank. Tankel's carved out a thriving business working for homeowner's associations - handling delinquencies involving unpaid fees that can lead to foreclosure. 'I feel people don't understand the implications or ramifications of not paying their fees,' Tankel said. For homeowners barely able to pay their mortgages, the HOA fees - usually more than two hundred dollars a month - are often the first bill left unpaid. That's when the homeowner's association brings in Tankel to begin the foreclosure process."
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The HOA foreclosure lawyers are doing great now, because as the article notes, when people are in financial trouble, "HOA fee...are often the first bill left unpaid." And, as the article further explains, these lawyers move as fast as possible toward foreclosure so they can get there before the mortgage company does. How about this comment: "I'm sending out a thousand certified letters a month," Tankel estimated. "And that includes demands, 45-day letters, and lien letters." And this is just one lawyer from the Tampa area. Think about what is going on all over the country.

Yet another reason why people need to think very, very carefully before buying a unit in an HOA or condo development...