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Having worked from the bank side on foreclosed units, my group was tasked with getting all fnma/fhlmc HOA issues resolved for a top 3 servicer. Almost always, we would get completely taken advantage of from the collection companies specifically ALS, Red Rock Financial and two particular attorney firms. Often times the collection companies would charge $1,500 on a $300 debt and FNMA/FHLMC would be required to pay it in order to have clear title. This type of practice is also prevalent in Florida and California.
Well written article! I am a real estate broker and educator in AZ who also does mediations for some Maricopa County Courts. Back in 1997 AZ went through major legislative HOA changes, and over the years, AZ has tried to annually tweak the HOA laws with some success. But, dealing with people who are generally ignorant of the legal processes and who may consider their “home” to be their kingdom, it takes a wake up call to make a point. The Feds will make a point, and it will be an expensive lesson. Best of luck
Thanks for the explanation of this issue. I’ve been trying to get unambiguous information on this for my clients and this is the best I’ve read.
As a realtor, obtaining FHA Certification is one of the most daunting processes. A few months ago, I was introduced to Association Online. They promptly assisted me in getting FHA approval for an HOA in Nevada. They gathered all the data and assembled the package. The team at AO made my FHA Certification process very simple! You should check them out http://www.associationonline.com or call (970-226-1324).
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