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Listings of Federal Homes for Sale Are Just Part of the Problem

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By : John Cutts    99 or more times read
Already suffering from considerable supplies of properties under bank foreclosure listings and listings of federal homes for sale, some areas of Texas are also facing rising number of homeowners association (HOA)-related foreclosures.

Foreclosure listings in El Paso and in other key areas of Texas remain a major problem for the region. This concern is further aggravated by reports of increased HOA foreclosures in some local areas. According to local reports, a number of homeowners are facing possible foreclosure despite paying their mortgages and property taxes on time.

Local housing market observers reported that some households that belong to their local HOA find themselves getting behind in their association dues, giving HOAs an opportunity to threaten foreclosure. Recent reports reveal that a considerable percentage of Texas foreclosures for sale may have been accounted for by HOA-related concerns.

Along with growing number of properties under listings of federal homes for sale and bank foreclosure listings, homeowners in Texas are also forced to cope with the challenges posed by HOAs, particularly among those who live in subdivisions where such associations are in existence. According to local housing analysts, the number of HOAs has risen in the state for the past few years and most of them are not regulated by state or county laws.

According to reports, some buyers trying to find foreclosure property listings have also found homes under foreclosures due to unpaid HOA dues. The number of such cases, realtors have reported, is on the rise in Texas. The areas where HOAs are mostly common are in Harris County and Houston.

Lawyers who specialize in handling HOA-homeowner disputes have reported that between 1985 and 2007, foreclosures filed by HOAs rose from 500 to over 2,000. They further added that most families facing HOA foreclosures are further burdened by the fees associated with the issue, primary of which are legal fees.

They reveal that in some cases, the legal fees and other charges are even higher than the amount of HOA fees that a homeowner is being sued for. Housing analysts have stated that this particular concern is starting to occur more often in Texas and further aggravates the impact of bank foreclosures and listings of federal homes for sale.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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