Money is getting tighter for America’s hundreds of thousands of homeowners associations, and they are extending a shorter financial leash to their residents.
HOAs are getting more aggressive about pursuing people who rack up unpaid dues, skipping informal grace periods to make up the payments and turning delinquent accounts over to lawyers.
In the most extreme cases, they are pursuing foreclosures on these properties. There were 6,376 properties with HOA-related foreclosure filings in the first quarter of this year—spanning initial default notices to completed sales. That is up nearly 40% from two years earlier and rising faster than overall mortgage foreclosure rates, according to real-estate analytics firm Attom.
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