Foreclosure can be a frightening prospect for many homeowners. When the foreclosure is initiated by a homeowners association, however, the process can become significantly more complicated and more difficult to navigate. Consulting with a firm that specializes in Sugar Land real estate law can help you fight back against the actions of your HOA and protect your property rights in the state of Texas. Here are some facts every homeowner and homeowners association should know about HOA-initiated foreclosure proceedings.
The Terms of Your HOA Are Outlined in its Governing Documents
Reading the fine print is essential in any major legal transaction, and purchasing a home in an area with an HOA is no exception to this rule. The terms and dues required for your HOA will be outlined in its governing documents, which are typically recorded as restrictions on your deed. In the state of Texas, HOAs must file Articles of Incorporation with the Secretary of State. These documents may also include information valuable to homeowners considering purchasing a residence in an HOA-controlled area.
Failing to Pay Dues or Assessments Can Result in Foreclosure Proceedings
Your HOA will probably require monthly or annual dues payments. In addition, you may be asked to pay additional assessments for improvements to the community. If you fail to make these required payments in a timely manner, your HOA may choose to pursue legal recourse by beginning foreclosure proceedings against your property. Even if you are completely up-to-date on your mortgage payments, these legal proceedings can cause you to lose your home. Contacting a Katy real estate law firm can help you protect your rights if your HOA has announced its intention to foreclose on your home.
You Must Receive Fair Warning
In the state of Texas, HOAs have rules requiring that they give written warning of their intention to foreclose at least 60 days before beginning those proceedings. A court order is required to foreclose. If you cannot pay the amount due in the time allotted, your HOA must provide you with an alternate payment plan to help you manage these costs and retain your home. Retaining the services of a qualified attorney is often your best option to prevent foreclosure and ensure that you and your family can remain in your Katy home.
The legal professionals at Lambert & Jakob can help you deal with HOA issues quickly and effectively. We specialize in Katy estate planning, civil litigation and real estate law to ensure that our clients receive the most accurate guidance and effective representation possible. Call our offices today at 713-640-5700 to set up your initial consultation. We will be happy to help you resolve your legal issues to achieve the most positive outcome in your case.