Many homes in the North Scottsdale Real Estate market are in the process of foreclosure. This is obviously the result of a challenging situation for the homeowners. It is bad enough to have your home foreclosed on; but to then have to deal with, and most likely lose, a lawsuit from your home owners association is pouring salt in the wound.
HOA fees are tied to the property owner, not the property. This means that when you stop making your mortgage payments you should continue to make your HOA payments through the foreclosure of your home. The same can be said about short sales. Make your HOA payments. Even after you lose the house you will still owe that money. After the HOA adds on late fees and legal fees you could end up owing thousands more.
Here is the full article from the Arizona Republic on the subject of HOA Fees and Foreclosures:
“Valley HOAs sue former homeowners” By Edythe Jensen, Arizona Republic 4-26-2010
What are your experiences with HOA fees and Foreclosure? Leave a comment below.
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