Wed, 2 Jan 2013, 11:04am PST
About freaking time. The HOAs should also be assessing fees.
The banks can decide which is a greater loss: walking away from the property or paying the HOA fees and maintenance. Either way, it costs money to maintain empty houses and motivates banks to sell the properties at market price rather than hording them.
Thu, 3 Jan 2013, 11:37pm PST
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I would triple like this if I could!
My favoritie part:
In early November, Keys Gate Community Association in Homestead, Fla., brought a foreclosure on a property owned by mortgage servicer, NovaStar, which owed $22,890 in back dues and fees.
In mid-November, the association foreclosed on NovaStar and the home was sold at auction to a third party for $62,000, fully paying off the debts to the association.