MORE THAN ONE WAY TO LOSE YOUR HOME

I came accross this article & felt it was worth passing it on. In my many years of Real Estate, I have seen many, many homeowners get behind on their HOA dues, etc. and never realized the seriousness of a simple HOA fee...

IRVING (Associated Press) – A growing number of homeowners who are current on their mortgages are discovering there are other ways to lose their homes.

Falling behind on homeowner association dues, for example.

Many homeowners are learning that condo and neighborhood associations may have the right to foreclose when dues are not paid. In fact, that right is often written into the purchase agreement signed by the homeowner.

According to Dallas-based Foreclosure Listing Services, foreclosure attempts initiated by homeowner associations in 19 Texas counties are up 30 percent from two years ago.

In the San Antonio area alone, foreclosure actions by homeowner associations jumped from 21 in April 2008 to 170 a year later, according to RexReport.com.

More than 59 million people live in more than 300,000 association-governed communities nationwide, according to the Community Associations Institute, the nation's largest group for homeowners and condo boards.

To learn more about what homeowner associations can and can't do under state law, read Judon Fambrough’s Tierra Grande article “Legislature Limits POA Power.”