Tips for collecting delinquent HOA fees
Non-payment of HOA fees can be quite the nightmare. Failure to recover HOA fees is not only detrimental to the HOAs budget but it can scare creditors away. Some creditors won’t make mortgages if too many homeowners are behind on their HOA payment. It is in every homeowners’ interest that fees be paid on time, otherwise the HOA may be forced to impose special assessments, increase fees or fine homeowners who fail to pay. Enforcing payment can be tedious, below are a few tips t
HOAs vs. Condo Associations
The main difference between an HOA and a Condominium Association is ownership. In an HOA the homeowner owns the lot and the HOA owns the common areas. In a Condominium Association each unit is owned by a unit owner and the common areas are owned jointly by all unit owners. In an HOA homeowners are responsible for maintaining their individual homes, this allows for lower fees. In the majority of HOAs each owner pays an equal share for the upkeep of the common areas resulting i
