If you think hurricanes, wildfires, tornadoes, floods or polar vortexs won’t happen to you or that you don’t need to insure against these disasters in your homeowners association, you’re among the nearly half of U.S. homeowners and renters who lack the insurance coverage to deal with potential losses, according to the National Association of Insurance Commissioners (NAIC).
The economy is getting brighter, but we aren’t out of the dark hole yet. While we may be seeing some light at the end of the tunnel, it will still take some time for community associations to recover. Homeowners associations are not immune in this recession.
If your homeowners association Board is initiating an HOA foreclosure process, did you know that there are two different types of foreclosures?
As an HOA Board member you may be faced with the task of having to make the decision to foreclose on homes in your association. We’ve all been challenged by the financial climate these last few years and it is going to take some time to bounce back. Therefore, HOA foreclosures are inevitable.