HOAs were dealt a rough hand during economic downturn

11/20/2012 | American City Business Journals

Many condo owners who fell behind on their mortgage during the economic downturn subsequently stopped paying their HOA fees, causing myriad problems for the organizations. As Fannie Mae tried to clean up the foreclosure mess, it put tighter restrictions on HOAs, such as mandatory monthly deposits into association reserve budgets, and its stringent lending guidelines made it harder to sell foreclosed or empty properties, Anne Schwall writes.

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