In the Las Vegas market it’s pretty rare to find newer real estate developments without Home Owner’s Associations. Since Las Vegas, according to Mayor Oscar Goodman, is the epicenter for the foreclosure crisis, most foreclosed homes are in areas with HOAs. Since HOAs exist to maintain the quality of neighborhoods and foreclosed homes are routinely neglected, confrontation seems to be inevitable.
In addition to missed association dues, foreclosures commonly amass fines because violations go uncorrected. After the balance is uncollected for a period of time the delinquent account is turned over to a collection agency. That’s where the real problems begin.
Strong-Arm Tactics
In Nevada there is a law on the books regarding these past-due balances. The law places a limit on how much an association is allowed to collect from someone purchasing a home. The maximum amount is capped at nine months of monthly dues. So if the dues are $100/month, the […]
Original post by Richard Warren and software by Elliott Back
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