Colorado Springs Vintage Homes Blog
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Archive for September 23rd, 2008
Homeowners Association under siege by foreclosures
Buying a property in Colorado Springs?
Search for TownHomes in Colorado Springs
Do your homework on the Homeowners Association
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About one in six Americans currently live in a community run by a condo or homeowners association. With the recent increase in foreclosures, some homeowners associations are running out of cash. HOA’s are like miniature governments that depend on revenue to finance upkeep of common areas, community pools, tennis courts and private roads.
Before a property goes into foreclosure, many owners stop paying their monthly HOA dues. In fact, HOA fees are generally among the first bills struggling homeowners quit paying. If they can’t afford their mortgage, then they aren’t going to pay their HOA fees. Adding to the problem Read the rest of this entry »
