Home Owners Association default consequences

This recession has caused many to foreclose their homes, what effect does this have on Associations such as Housing developments, Condo and Townhome?

Creating the perfect storm for those homeowners who are looking to buy up and sell in a normal sale, not a Foreclosure or Short Sale.

Associations are now taking the brunt of less money to cover the cost of their budgeted expenses.

This leading to litigation in some cases.

With litigation, financing for new buyers may be impossible.

All cash buyers only apply.

Then throw another twist on this, and those homeowners who are planning to refinance can not,

Due to Litigation on the property and of course the economy.

Making the potential for more foreclosed home.

Look into a short sale for your home before foreclosure; it may be the right thing for you.

http://denisestuart.spaces.live.com