Thousands of homeowners are losing their properties to San Antonio foreclosure auctions, according to local reports. However, a big number of these foreclosures are not due to borrowers defaulting on their loans, but due to their inabilities to pay their homeowners’ associations (HOA) fees.
A report from News 4 WOAI Trouble Shooter has revealed that more households are losing their houses to foreclosure auctions in Texas because they were unable to afford HOA fees. The report also found out that HOA-related foreclosures are rising in the city and in the whole state. Based on the foreclosure records of Bexar County, the number of homes that have been foreclosed due to owners’ failure to pay HOA fees on time has risen by 78% in 2009 in Bexar when compared with 2008 numbers.
With the number of home association foreclosures continuing to rise, finding foreclosed houses for sale in the city that were due to HOA problems is not that difficult anymore, local real estate analysts have revealed. The WOAI report also claimed that lawyers handling HOA foreclosures have defended their actions by claiming that home associations also have fees to pay and owners of HOA foreclosed houses are given written notices and payment plans to prevent foreclosure.
WOAI also reported that one of their employees attended an HOA meeting to find out what really was going on, but an HOA official allegedly asked the WOAI employee to leave and even called the police. However, the police told the HOA that the employee was not committing any crime by asking questions related to issues concerning San Antonio foreclosure auctions.
The news group also reported that they approached State Representative David Leibowitz who has been trying to put a stop to HOA foreclosures but has not been successful so far. According to Leibowitz, despite the lack of success, he plans to introduce another legislative bill on HOA foreclosures and bring it to the legislature.
Leibowitz reportedly told WOAI that he wanted to change the rules on HOA foreclosures because he believes that homeowners should never lose their properties just because they were late paying a few hundred dollars of HOA fees, particularly if the inability to pay is caused by loss of employment. WOAI revealed that they plan to follow through the fight to change the rules that allow HOAs to foreclose on properties because homeowners are late in paying association dues.
One of the local homeowners who was about to lose his home due to HOA problems revealed to WOAI that he owed his local association $769 after he lost his job. The association foreclosed on his property worth $165,000 and auctioned it last April. However, the same homeowner later revealed that his HOA contacted him and offered a new deal that would allow him to pay for his dues and stay at his home. The offer allegedly came when the HOA found out that WOAI would be airing its report about HOA foreclosures.
Local news groups, homeowners and state representatives have started combining their efforts to solve the problem of homes going under San Antonio foreclosure auctions due to delayed payment of HOA fees. Local news group WOAI has promised to continue covering the issue in San Antonio.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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