Tag Archives: HOA

Recent rulings by the Ninth Circuit Court of Appeals have clarified questions surrounding the application of the Housing and Economic Recovery Act of 2008 in the context of homeowners’ associations and foreclosure sales. Click through to learn more.

Homeownership is less stressful than ever. Homeowners are feeling the effects of lower costs of ownership and the sense of accomplishment of owning a home, despite the stress that always come along with homeownership.

In some states, certain types of foreclosure can eradicate first Deed of Trust, leaving lenders and borrows out to dry. In one state, these foreclosures are becoming increasingly popular, and the courts can’t seem to take a side.

While Homeowner Association liens for unpaid assessments typically have priority over second mortgages and other junior liens (because the HOA liens may “relate back to” the HOAs’ previously-recorded declarations), first mortgages receive special treatment in various states, such as Minnesota. Despite that special treatment, HOAs often demand payment of substantial bills by lenders foreclosing first mortgages.

Confusion over the scope of homeowner association and condo association super liens can leave servicers with incorrect assumptions about how the rules will affect their lien position. Damon Paxon, VP of Operations at LRES, addresses the questions he receives the most—such as the differences between HOA and COA liens, how the rules vary by state, and more.

LRES, a company that specializes in national REO and appraisal management while offering property valuations, asset management, HOA and technology solutions for the mortgage industry, recently made two new hires.

Several mortgage lenders have asked the Nevada Supreme Court to reverse a decision it made in September that a homeowners association's (HOA) super priority lien can extinguish a first deed of trust nonjudicially on a residential property.

Inclusionary housing policies--those which either require or encourage developers to provide low-priced housing within market-rate developments--have largely survived the recent housing downturn. However, several obstacles now stand in their way, preventing them from reaching their full effectiveness, according to a recent report from the Center for Housing Policy. Major hindrances to these policies include shifts in development pattern, new restrictions regarding rental housing, and rising homeowner association fees, among others.

In a newly-released white paper, Sperlonga--a division of Matt Martin Real Estate Management that serves the mortgage industry through its homeowner association (HOA) database and services--details the monetary threat delinquent HOA accounts can pose to the industry and outlines its own solutions to the problem. HOAs can cause significant monetary losses to investors in cases of default. In 16 states and the District of Columbia, HOAs hold ""super-lien"" status, meaning their lien outweighs all other liens--even that of the investor.

Sperlonga Data and Analytics sent out a release to remind mortgage servicers of a new HUD requirement related to how Federal Housing Administration (FHA) properties with homeowner association (HOA) delinquencies are serviced.