Living in HOA communities offers a wide range of benefits, but it's important to know the legal aspects of HOA living, too. According to research, there are approximately 48,940 HOAs in the state of Florida alone.
If you're renting HOA properties or if you live in one currently, it's crucial to know what an HOA lien in Tampa, Florida means for you.
Read on to learn more about HOA foreclosure and liens, so you can be prepared in the event that a lien is placed.
HOA Responsibilities
Those living in single-family homes, condos, or townhomes under a homeowner's association (HOA) are required to pay fees and assessments. These fees go to the association to help with things like upkeep, amenity costs, and other expenses for the community.
If you don't pay your assessments after a certain period of time, the HOA will attempt to collect them from you using traditional methods like letters and phone calls. But if you still don't pay up, the HOA can then place an HOA lien on your property.
Some HOAs may file a lawsuit or judgment against you to collect the past-due fees. But if that still doesn't work, you could be subject to a lien, which is much more serious.
Homeowner Rights
In Tampa and the rest of the state of Florida, you have the right to receive a notice before your HOA files a lien. The amount of the HOA lien may include additional fees like late charges, interest, attorney's fees, and/or court costs.
The lien process is usually judicial, which means that the HOA can enforce the lien by foreclosing on your property. In Florida, you have the right to receive a notice of HOA foreclosure intent before the foreclosure process starts. Once the foreclosure is initiated you have the right to defend yourself in court or try and negotiate a method of repayment in order to catch up late payments.
Important HOA Lien Information
As a homeowner, you may force the HOA to enforce a recorded claim of the lien per Florida law. The HOA then has approximately 90 days to file an action to enforce the lien, such as foreclosure.
If the action is not filed by the HOA within the 90-day period, the lien is null and void. There is a statute of limitations for HOA liens and foreclosure in Tampa, Florida, and throughout the state.
Homeowners must receive a notice first regarding the details of the HOA lien. Afterward, they have 45 days to pay the overdue amount before the HOA can initiate foreclosure.
Know Your Rights
Living in HOA properties comes with a lot of great benefits, but it's vital to know your rights and responsibilities if you're facing an HOA lien. Remember to check current Florida law just to make sure that you're protected and that your HOA is following the proper steps.
If you're a property owner and need help with your HOA or other property management, contact PMI JCM Realty Group to find out more today.
