When homeowner dues fall behind, associations take tougher actions
By Mark Puente, Times Staff Writer Tuesday, January 18, 2011
Anyone who stops paying a mortgage knows the bank can come after the home.
But homeowner associations foreclosing on properties?
That’s right. HOAs are seizing more and more property as owners stop paying their monthly assessments.
Some are going a step further — renting out the seized properties to recoup the lost dues. And thanks to a new law, they don’t even have to foreclose to collect rent in some circumstances.
Barbara Monahan, president of the Cove Association in the Mirabay neighborhood of Apollo Beach, sees the rental option as a win-win out of an unfortunate situation. Homeowner associations use the cash to keep the community and the home in good shape, and renters get cut-rate rent.
Monahan, a 27-year real estate veteran with Century 21 Beggins Enterprises, stressed that they warn renters that the bank could foreclose at …
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