The recent developments in tax lien foreclosures seemed to have not bothered homeowners in San Antonio, Texas. The reason might be because they are facing another serious foreclosure-related problem – that of losing their properties to HOAs that foreclose on their properties once they get behind their monthly dues.
A lot of people are interested in San Antonio foreclosure investing mainly because of the strong economic performance of the city, but not a lot of investors and home buyers are aware that some of the residential properties they are buying came into the market, not because the homeowner failed to pay his mortgage worth thousands of dollars, but because he was behind on his homeowners association fees worth less than $200.
Some cheap houses in Texas that are being offered for sale, particularly in San Antonio, came from HOAs. A big number of city residents have complained that HOAs are foreclosing on properties whose owners were unable to pay their HOA dues for a couple of months. A growing call for change of rules has also started in the city, with homeowners asking legislators to prevent HOAs from taking such actions.
A court case has recently called the attention of the public involving a homeowner foreclosed on by his HOA. Some might expect headlines to be about tax lien foreclosures and bank foreclosures, but in San Antonio, homeowners are waging a different battle to protect their properties.
The good news is that the recent case ended with the homeowner winning and getting back on HOAs that are being blamed for contributing largely to the number of foreclosed properties for sale in the city. The homeowner was awarded more than $20,000, part of which will be used to pay his lawyer’s fees.
The development has a bigger impact on city residents, though. The victory creates optimism among homeowners and most of them believe that they are gaining ground on the alleged indiscriminate foreclosure activities of HOAs. They are also hoping that like tax lien foreclosures, HOA foreclosures will get the attention of legislators and the general public and changes will soon be implemented.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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