Unpaid Homeowners Association dues can lead to foreclosure

In today’s economy, putting together a budget to get all of your bills paid can be quite challenging. Besides paying the bills themselves, the challenge is taking the budget you have and organizing which bills you will pay first. One of the most overlooked bills of importance is your Homeowners Association dues. While the cost of the dues you owe may vary among homeowners, people often forget how important it is to be on time with your HOA dues and the consequences that can come about if you fall behind. If you fall behind on your HOA dues, the HOA can file for foreclosure and you are at risk of losing your property and will have the need to hire an experienced foreclosure defense attorney.

Due to the housing slump and recession, a large number of homeowners and investors were foreclosed upon and many of the HOA dues on those properties were never paid resulting in a loss of revenue for the HOA. With the loss of revenue, many HOA’s have cut back on costs and are more likely to foreclose on a property if a homeowner falls behind on their HOA dues. The impact of the mortgage crisis hit the HOA’s hard and it has forced homeowners who are paying their dues on time to help shoulder the burden of the operating costs of the HOA’s. This has put added pressure on the HOA’s to collect any unpaid dues as quickly as possible.

If your HOA has filed a foreclosure against you for unpaid dues, hiring an experienced foreclosure defense attorney will help you in the process. In some cases the HOA might have overcharged you on dues and you have the right to contest those fees. When facing foreclosure it might seem like the end of the world, but foreclosure issues can be resolved and you can keep your home. For more information, visit www.legalhelpgroup.com.