How Florida homeowners can deal with HOA foreclosure threats

Learn more about dealing with a foreclosure imposed by your HOA.

If you own a condo or any other residence with a homeowner's association in Florida, there might be times when you find yourself unable to pay your HOA fees. Should you find yourself in such a predicament, you could receive a notice of foreclosure. While you can always file for bankruptcy to avoid foreclosure, you should first understand what is going on and what you can do to keep your home before looking into other options.

Know what got you here

Even if you know the foreclosure notice is due to you not paying your fees, you should find out for sure why your HOA is taking such actions and what you can to reverse them. Get all necessary figures and go over them to ensure they line up with your own; there is a chance there was a miscalculation somewhere. It is also possible your HOA misapplied the fees you did pay, such as applying money to late fees before applying them to your assessments. In either situation, it is possible the foreclosure can be deemed invalid or fought in court.

Inquire about a payment plan

If you agree with the HOA about your unpaid fees, you can work with them to see if they would be willing to put you on a payment plan for everyone's benefit. Under such payment plans, you can lower the overall amount of fees you owe and/or have is so that there is a temporary hold on the accrued collection costs and interest fees. You can also inquire about making an agreed-upon lump sum payment.

Make sure your HOA followed proper procedure

In Florida and every other state, there are stipulations in place that dictate how much you can accrue in late fees and related costs before the foreclosure process can begin. Learn more about the foreclosure process from a legal professional to determine whether your HOA followed all current rules and regulations before delivering a foreclosure notice.

Keep in contact with your HOA

You have to admit your fault in the matter of foreclosure, no matter the circumstances surrounding your situation. Rather than become aggressive or threatening, you and your HOA are better off if you are cooperative and keep in contact with them about the steps taken to remedy the situation. They are more likely to be lenient if they know you are doing what you can to get caught up on your fees; cooperation is often much faster and less expensive for everyone.

If you find there is little or nothing you can do to stop foreclosure in Florida, filing for bankruptcy might be your only viable option. Give yourself peace of mind and make yourself aware of your options by speaking with an attorney.

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