Fox Business: Can my homeowners association really foreclose on my home?
In California, for example, associations may begin the foreclosure process only 75 days after a missed payment was first due, while a tax collector must wait five years before beginning the foreclosure process for a tax lien. Associations are not required to go through a court to foreclose, as a property owner would to evict a tenant. Also, homeowners do not receive the benefit of the homestead exemption when their house is foreclosed upon by an association, as they would in the case of any other money judgment.
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Yes, it can. The mortgage foreclosure crisis has gotten a lot of press. Now so are foreclosures by HOAs, which by comparison to lender foreclosures come far faster and less mercifully -- and well before the tax man comes calling for delinquent property taxes.
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