While most homeowners believe that it makes no sense for a Condo or Homeowners Association to foreclose on their home, there are several reasons that a Condo or Homeowners Association may choose to do so. One reason associations choose to foreclose on delinquent homeowners is to prove to homeowners that the associations are willing to foreclose so owners considering not paying are persuaded to pay. As many homeowners continue to face financial difficulties, paying their mortgage becomes the primary concern and paying the Condo or Homeowner Association dues becomes secondary.
Another, primary, reason a Condo or Homeowners Association chooses to foreclose is to recoup unpaid dues. Most Condo and Homeowners Association's create their association fee by taking their estimated budget and dividing it equally among the number of associated units. When homeowners do not pay their dues, the associations are faced with a budget shortfall and as more and more homeowners fall behind on their dues the shortfall becomes too much to bear. By foreclosing, the associations gain title and can evict the homeowners and potentially rent out the property in order to recoup those past due association dues.
If you are a homeowner facing financial difficulties and your goal is to stay in your home it is in your best interest to continue to pay your Condo or Homeowners Association dues. If that is not a possibility or if your Condo or Homeowners Association has already begun foreclosure proceedings, contact a Jacksonville Foreclosure Lawyer to defend your foreclosure or to negotiate a workout of the past due amount.
