![]() ![]() By filing a lien, the HOA can take meaningful enforcement without pursuing a lawsuit and paying costly legal fees. The claim is asserted against the home, not the owner. But, the association has to follow a strict process and give the owner ample warning before it can record a lien against the owner’s property.Ī lien is a claim for money owed. Liens are a powerful tool that HOAs can use to enforce payment obligations. In addition, the HOA might levy a special assessment, a one-time expense, if the reserve funds cannot cover the cost of a major or unexpected repair or improvement. Fees may increase or decrease depending on what the HOA must pay for in the upcoming year. The amount that each owner is responsible for paying is determined when the association makes its annual budget. Fees are also put into a reserve fund, which is essentially a savings account set aside for certain future costs or financial obligations. In exchange, owners get to enjoy shared amenities and don’t have to take care of so many chores. Homeowners usually pay monthly fees to the HOA to cover things like landscaping, pool and clubhouse maintenance, security, repairs, and snow removal. But when this happens, who covers the fees that are due? This article will help you understand what can be done if your HOA finds itself in this position. In very rare cases, homes have had to be foreclosed because owners could not meet their financial obligations. Fees from owners are factored into an association’s budget, and when owners fall behind on payments, the HOA can’t cover all of its expenses. When an owner doesn’t pay their dues, the entire HOA has to deal with the consequences. ![]() Accessing Documents & Resident Information.
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