Homeowners in condominiums, townhomes or common interest communities are usually required to pay assessments and/or fees to a homeowner association.
The homeowner association (HOA) usually places a lien on the home as security for payment of these fees and other assessments.
The HOA has the legal right to foreclose on the home if the homeowner does not pay or falls behind in their HOA fees. Homeowner Associations usually take action much more quickly than a lender or servicer.
For information about avoiding foreclosure by your HOA, view this PDF that the Center has produced.
You do have options to avoid foreclosure by your HOA. Speak with a Homeownership Advisor that specializes in foreclosure prevention as soon as possible to put a plan in place to avoid foreclosure of your home.