Wednesday, July 27, 2011

Does an HOA have right to take over foreclosed properties?

Apparently it is now legal in Florida and Nevada.

What is the HOA supposed to do, just wait for the properties to sell before spending money on property maintenance?

So what about property rights of the bank or investor owner?

This is a serious issue in those complexes with a high volume of foreclosures.

Source:  http://online.wsj.com/article/SB10001424052748704281504576327693591415736.html#articleTabs%3Darticle

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