This year is the worst year for foreclosures in history, as expected. With the slide of homeowners goes the slide of the HOA’s that the home is listed with. This is having a very negative impact on the homeowners that remain.

I was informed of a case in Florida where a condo owner can not rent or sell his condo due to the condition of the property grounds which are now not being maintained. This is just the tip of the iceburg. The condo association has 60% of its memebers in default! As a result, the association has had to stop paying for the insurance as well! Now the owners are responsible for getting their own insurance on top of continuing to pay their association dues. In addition, the association faces a real possibility of going bankrupt. The owners are concerned that the utilities are the next thing to be shut off! When this owner contacted the insurance company to get insurance he was told that this is common right now and that many associations are facing similar problems. 

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