- 1). Learn about foreclosure. Foreclose is a court-ordered process by which your bank or mortgage company has your house sold at a judicial sale.
- 2). Familiarize yourself with HOA foreclosures. HOA have the power to dictate the type of plants that are in your yard, the color you paint your shutters and what types of vehicles are parked in front of it. They also have the power, in many places, to take your home from you when--or if--you are delinquent in paying your dues.
- 3). Understand your rights. The bylaws of your HOA agreement state what circumstances might dictate a HOA foreclosure. When you sign this agreement, you are agreeing to live by these bylaws. In some instances, houses worth $300,000 have been foreclosed because the owners owed their HOA only $1,200 (see Resources below).
- 4). Take action immediately. Contact your bank or mortgage company. They may be able and willing to loan you the fund required to pay your default HOA dues.
- 5). Hire an attorney. A foreclosure defense attorney will be able to look at your case to ensure that the HOA did not make a mistake, and is the best person to advise you on what your rights and options are in this matter.
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