Banks are not the only companies that are capable of foreclosing on your home. It appears that during this economic crisis, while homeowners are deciding which bills are the most important, homeowner associations are being cautious about making certain that they are paid. Many homeowners are finding out the hard way that those who are maintaining their lawns and overseeing security in the neighborhood have included a clause in their contract that allows the association the right to foreclose on your home for not paying the annual dues.
According to the Community Associations Institute, over 59 million homeowners live in over 300,000 association governed communities across the nation. I can't stress it enough; make sure that you read all the paperwork thoroughly when buying a home. If the legal garble is difficult to understand, hire a real estate attorney to do it for you. Many people are finding themselves in one heck of a predicament over misunderstood paperwork.
