Homeowners association collects assessments and fees on a regular basis from the homeowners. Even you are paying all the mortgage loan on time then also you can face HOA foreclosure. HOA foreclosure happens if any member of HOA Association fails to pay assessment amount. A homeowner must be aware of the consequences of not paying assessment amount.
A lien will automatically get attached to your property if you fail to pay the assessment amount. A HOA foreclosure may affect your credit score negatively. Even after going in HOA foreclosure you have the chance to buy back your home. You need to payback the amount you owe in addition to the interests, and penalties.
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