REAL Trends Updates

HOAs seek association fees from banks

Condominium and homeowners associations desperate for money are experimenting with a tactic called "reverse foreclosure" to force banks to pay association fees. The process works like this: When a borrower stops paying the mortgage, banks often delay taking the property into foreclosure. When banks delay, neither the former homeowner nor the bank is paying association fees. To remedy this, the...  This content only available to REAL Trends Members. Please log in below.