Homeowners associations (HOA) as we know them developed in the 1960s. The rise of HOAs can be linked to a Federal Housing Authority (FHA) mandate which required residential developments to create a non-profit HOA in order for the development to be eligible for FHA insurance. The FHA also advocated attaching covenants to the property that included giving the HOA a lien on the property if the homeowner did not pay their homeowners fees. Any home buyer that wants to buy property in a neighborhood with an HOA is required to join the HOA and pay its fees.
The housing crisis in Florida has led many HOAs to take drastic measures. When a homeowner is facing the possibility of foreclosure, HOA fees are usually one of the first things that homeowners stop paying. In some neighborhoods in Florida the HOA fee delinquency rate is greater than 15%. This depletes the revenue of the HOAs forcing many of them to foreclose on the homes in their neighborhood in order to recover the delinquent fees.
Most homeowners are not even aware that their HOA can foreclose on their home for failure to pay their HOA dues. But if you are delinquent with your HOA fees, your HOA can and more than likely will foreclose on your home. Florida law is very advantageous to HOAs because there is no minimum amount which must be met prior to the HOA foreclosing on a home, the fees must just be delinquent.
It is very important as a homeowner that you stay current on your HOA fees because if you do not you will probably end up facing a foreclosure. If your HOA has initiated a Florida foreclosure lawsuit against you for delinquent HOA fees, contact a Florida Foreclosure Lawyer or Jacksonville Foreclosure Defense Lawyer . There are defenses to a HOA foreclosure lawsuit and a Foreclosure Defense Lawyer will protect your rights as a homeowner.
