How does an HOA initiate foreclosure proceedings for assessments owing it? When should the HOA take action?
An owners association contemplating initiating foreclosure proceedings should retain the services of a qualified attorney to assist the association. As with the management of all assessments or dues receivable due to the HOA, it is important that consistency and uniformity be practiced and policies in this area should be reduced to writing, for all owners to access, consistent with state statutes that require a collection policy.
Related Questions
- What notice is required to be provided to the HOA in the event that a first lien lender is commencing foreclosure proceedings? What rights does the HOA have in the event the lender is foreclosing?
- Are HOA assessments being paid on homes that are vacant or in Foreclosure?
- Does Howard County initiate or handle any foreclosure proceedings?
