Homeowners associations (HOA’s) are reeling from the impact that foreclosures have brought to their communities and neighborhoods. With the number of abandoned homes increasing in towns and cities, association dues remains unpaid causing existing homeowners absorb this deficit through an increase in their monthly association fees.
These fees are needed for neighborhood maintenance activities like mowing lawns and garbage control. More work will be required to maintain foreclosed homes and keep them from deterioration and from being blighted. The cost for these activities will be shouldered by the remaining homeowners in the community.
Some homeowners association experience unpaid dues from homes that are in the danger of foreclosures. They can’t expect much from these families who are in this predicament who probably would scrape every income just to delay or prevent losing their homes to foreclosures.
Association dues are not the only problem homeowners associations are facing. An increase in the number of foreclosure homes would mean more short sales flooding the market. With these homes being sold at almost half of their original prices, the housing market is affected in general resulting to lower values for what homes are originally worth. This can affect all properties in the neighborhood.
In an act to curtail the impact of foreclosures in their communities and neighborhoods, meetings are held by the Council of Neighborhood Associations in an attempt to formulate and discuss their options in dealing with these homes.
Some associations are stepping up to continue maintenance in their neighborhoods without additional cost to remaining homeowners. Examples are cutting back on expenses for mowing lawns particularly for empty houses. Instead of hiring a mowing company to do the job, some of the neighbors could volunteer and do the job.
Such cooperation is needed from every member of the community and the homeowners association so everyone can survive through this foreclosure crisis.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.
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