High numbers of government and bank foreclosures, including FHMLC foreclosures, have been a common concern in Florida. However, the housing market problem facing the state is not exclusive to such types of foreclosures. In some areas, homeowners association (HOA)-related issues are also common.
Majority of areas in the state are experiencing record levels of foreclosures, with Dade distressed properties for sale and foreclosed homes in various areas all contributing to the statewide problem. In Charlotte County, another type of housing market problem is being faced by a retirement community.
While thousands of Florida fixer upper homes and bank foreclosures are mostly caused by homeowners' inability to pay their mortgages, the residents of Gardens of Gulf Cove are allegedly in danger of getting their properties foreclosed due to disputes with their HOA. According to them, their legal fight with their HOA has resulted in the said association threatening them with foreclosure notices.
According to some housing market observers, people who are buying fixer uppers and other foreclosed properties might have heard about HOA-related foreclosures, but most of them are not aware of the extent of the role played by these associations in the foreclosure crisis.
A big number of foreclosed properties in some areas of the U.S. might be accounted for by bank and FHMLC foreclosures, but a considerable percentage can also be attributed to HOA-related issues. In the case of the Charlotte County retirement community, the problem centers on the lawsuit they filed against their local HOA for allegedly amending organization rules in an effort to gain control of budgets and fees assessments.
A number of homeowners have stated that the changes were implemented without calling for a vote from the homeowner members, most of whom reportedly prefer the old rules to stand. Some have stated that the move was done to increase the board officials' powers without even considering the interest of the homeowners.
Following the filing of the lawsuit in March, around 90 homeowners were said to have gotten intent to lien notices for late fees, even when late payment letters were allegedly never sent. The notices reportedly demanded payment and interest among others. The problem, according to market analysts, is just part of the statewide issue of housing market crisis primarily shaped by bank, government and FHMLC foreclosures.
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