HOAs cry foul over foreclosures
Local homeowners’ associations and condo boards say banks are unfairly getting a break on how much back dues they have to pay when they take back a home in foreclosure.
That’s resulted in financial pain for some associations and helped drive others to the brink of collapse.
But bankers say it’s unfair to tag them with all the costs resulting from a bleak housing market and an overwhelmed court system that can take a year or longer to process a foreclosure.
Now both sides are gearing up for a fight in the state legislative session next spring.