How to Stop a Florida HOA Foreclosure
Foreclosure is a frightening topic for any homeowner to think about. The fact that in states such as Florida, Home Owner Associations (HOA) have the power to foreclose on your home if you owe them money is even scarier. While you may feel helpless when confronted with a situation like this, there are things you can do to stop HOA foreclosures before you end up homeless.
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Instructions
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Learn about foreclosure. Foreclose is a court-ordered process by which your bank or mortgage company has your house sold at a judicial sale.
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Familiarize yourself with HOA foreclosures. HOA have the power to dictate the type of plants that are in your yard, the color you paint your shutters and what types of vehicles are parked in front of it. They also have the power, in many places, to take your home from you when--or if--you are delinquent in paying your dues.
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Understand your rights. The bylaws of your HOA agreement state what circumstances might dictate a HOA foreclosure. When you sign this agreement, you are agreeing to live by these bylaws. In some instances, houses worth $300,000 have been foreclosed because the owners owed their HOA only $1,200 (see Resources below).
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Take action immediately. Contact your bank or mortgage company. They may be able and willing to loan you the fund required to pay your default HOA dues.
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Hire an attorney. A foreclosure defense attorney will be able to look at your case to ensure that the HOA did not make a mistake, and is the best person to advise you on what your rights and options are in this matter.
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Tips & Warnings
Find out if you qualify for public assistance. Some charities exist to help out people in foreclosure and in other circumstances, such as if your loan is guaranteed by organizations such as the Veteran's Administration, there is a possibility that you may qualify for enrollment in a work out program,
Even if you are in a dispute with your HOA, it is imperative that you keep paying your dues.
