Unfortunately I've seen many sleazy HOA attorneys who appear to be acting in their own best interests and not that of the Homeowners in an HOA that have hired them (via an incompentent/complacent board of directors and/or unethical hired property manager).
Check out this helpful website about HOAs and Condos:
Governor Scott has a bill sitting on his desk right now that he needs to sign to protect homeowners from mismanagement by Board of Directors of HOAs. Contact the Guv to encourage him to sign... see the above link for more info.
All the best,
This does not satisfy a mortgage or any other lien against the property. For that reason, you should be mindful that, while the rent may be very attractive, you could well find yourself being not so kindly asked to vacate the property when the mortgage holder forecloses.
My professional recommendation would be to find a property that is unencumbered by liens of any kind so that you can make it your home for as long as you choose.
Keller Williams Realty
Yes and the lender will foreclose on the property. It may take the lender a long time to complete the foreclosure process but they will foreclose on it. The only thing a HOA can do after foreclosing on a property is rent it out. The HOA will have the pay off the mortgage to sell the home. When the HOA forecloses it does not wipe out any mortgages. You might be able to short sell them home with cooperation from the previous owner but the HOA will not receive any money from the sale.
Please feel free to call or email me with any questions.
Sales Associate / Property Manager