HOA Foreclosures; Necessary Tool or Extortion Racket? - Real Estate Channel Global News CenterAlthough the HOA foreclosure crisis is clearly concentrated in the states of Texas, Florida, Arizona and California, the problem is not limited to these states. Some 33 states permit a nonjudicial HOA foreclosure. Unfortunately, we have no reliable statistics on how many of these HOA foreclosure filings actually lead to seizure and sale of the home. The CAI claims that the percentage is very small. Perhaps.
The fact that HOAs are able to file the foreclosure as a threat and then collect several thousand dollars in late fees, interest, fines and attorney fees for a delinquency that may total only $300-$600 has led critics to describe the situation as nothing more than a "shakedown racket."
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Thanks to Fred Pilot for the link to this detailed piece on HOA foreclosures.
1 comment:
In the past, these fees, charges, and allegations have been an extortion racket, known to a selected few who want to victimize innocent and unsuspecting homeowners. The states THAT DO NOT ALLOW these foreclosures have homeless victims who did't owe a dime. YOU TELL ME WHAT IS GOING ON???? Women, elderly, disabled, single parent households have been prime targets for these criminals and if the MSM does not REPORT THE TRUTH, WHO IS THE WISER? How is the average homeowner to know what was done to their neighbor? WAKE UP AMERICA!!!
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