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| | Author | Messages | |
vinny
Posts:691
 | | 10/23/2007 7:57 PM |
 Alert | i'm curious how they work, i understand the original owner is forced to agree to buy the house, but lets say that owner lets the house go to foreclosure. is the lender bound to the same agreement? if so, are all the lenders that now own the foreclosed homes collecting hundreds of dollars in fines a month?
if the bank isn't bound to the hoa terms, does that mean who ever buys the house from the lender is not bound to them?
i've never been interested in buying a house with an HOA, so i'm really uneducated on them... | |
Follow your bliss. Happiness is a conscious decision | |
| | Colgate
Posts:642
| | 10/23/2007 10:59 PM |
Alert | | Yes, it will fall back on the lender! Then it becomes difficult for the Mgt. Co. representing the HOA to contact the lender to collect! Once you purchase the home you have to pay the dues or you will be fined. The board can place a lein on the property and it has to be paid before the sell can take place!!! I served on several different boards for several years! | |
Live every day as if it were your last and smile! | |
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