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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (57931)	7/18/2006 4:23:40 AM
From: Elroy Jetson	Read Replies (1) \| Respond to of 306849

You raise an important consideration for HOAs during real estate down-turns. Liens for back HOA (Home Owners Association) dues are debt which is subordinated to the foreclosing lender and should be wiped out in foreclosure in all jurisdictions, unless the HOA is the foreclosing party. This is why many HOAs in California are so quick to foreclose on residents who have delinquent dues. Because there is really no good alternative. A new California law, effective January 1, 2006, has modestly limited the right of the HOA to forclose to collect dues, but non-judicial foreclosure remains the best option for the HOA. realtytimes.com .