Increasingly, homeowners’ associations are foreclosing on residents unable to pay their fees.
Increasingly, homeowners’ associations are foreclosing on residents unable to pay their fees.
To combat the rise in delinquencies, boards are switching off utilities, garnishing income and axing cable. They are yanking pool passes and, in the most extreme cases, they are foreclosing.
Today, one in five U.S. homeowners is subject to the will of the homeowners’ association, whose boards oversee 24.4 million homes. More than 80 percent of newly constructed homes in the U.S. are in association communities.
Of the nation’s 300,000 homeowners’ associations, more than 50 percent face “serious financial problems,” according to a September survey by the Community Association Institute.
Read more at the Statesman Journal.
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