America’s homeowners associations are running out of money — and patience.
Amid rising insurance premiums, drained reserve funds and increased safety measures in the wake of the Surfside condominium collapse, the country’s hundreds of thousands of homeowners associations are cracking down on delinquent residents.
Even more startling, HOAs are skipping grace periods and handing delinquent accounts over to attorneys.
HOA foreclosures spiked nearly 40% in two years to 6,376 properties in the first quarter, according to real estate analytics firm Attom, as reported by the Wall Street Journal, putting its pace ahead of overall mortgage foreclosure rates.
These foreclosure sales are “like most foreclosures in that they are typically an auction,” attorney Kirk Pearson, who represents homeowners in HOA disputes, told The Post.