Living in a Houston HOA is one of the best decisions you can make for yourself and your loved ones. HOA living offers several benefits, including convenient access to amenities, greater security, and a heightened sense of community.
All HOAs have a set of rules that all homeowners must follow. A common one is paying a monthly HOA fee. Additional assessments might be levied from time to time, and you'd have no choice but to pay up.
If you default, an HOA lien can be placed on your property. This comes with various consequences, so you must be well-informed about these liens.
Read on to learn more.
Causes of a Lien
Buying an HOA home, just like any other residential property, comes with a great sense of freedom. Even if you financed the purchase, you have a lot of control over the property. So, it might be confusing to learn that someone can place a lien on the property, effectively limiting your ability to sell it, transfer ownership, or use it as collateral in a secured loan.
As you already know, living in an HOA comes with a number of financial obligations in addition to your mortgage and home insurance payments. Your community relies on the fees it collects from homeowners to pay for its expenses, so it's mandatory to pay the fee.
If you fall behind on this obligation, your HOA will try to work with you to find a solution. Rarely will an HOA rush to take drastic measures after a homeowner has failed to pay the dues for one or two months. However, if several months pass and nothing is forthcoming from your end, the HOA will be forced to place a lien on the property.
How to Get Rid of HOA Lien
It's never a good idea to let your HOA get a lien on your home. Paying up what you owe is the obvious way to stop it from happening, but sometimes life happens.
The HOA will inform you about the decision they've taken. Plus, in Houston, as is in many jurisdictions, property liens are public records. In some cases, though, you'll only find out about a lien when you try to sell the property or refinance a mortgage.
Anyway, it's important to move with speed and remove the lien. Failure to pay HOA lien can force the HOA to start a foreclosure process on your home. You'll need to pay off what you owe the HOA, including any other extra charges, such as late fees and attorney costs, that might have been included.
If you feel that the lien was placed on your property unjustly, you can always hire a Houston lien attorney to fight for your rights in court.
Understand HOA Lien Procedures
You've made a good decision to buy an HOA home in Houston. Paying the HOA fees and other dues comes with that move. An HOA lien can be placed on your property if you're delinquent, but try to never let it get there.
PMI Bayou City is a full-service association management company serving HOAs and homeowners in the Greater Houston Area, Texas. PMI is a nationally recognized brand, managing over 100,000 HOA homes across the nation.
Contact us if you'd like to learn more about our services.
