Foreclosing on the Forecloser II: Florida Foreclosing Fun

Apparently, somebody at CNN Money decided folks were done with the holiday cheer bit and were ready for some good old fashioned revenge stories.  Like the one where the Association owners start foreclosing on the banks that foreclosed on their neighbors.

Yes, an HOA CAN do that.  In fact, a lot of the usual reasons not to turn to foreclosure don’t apply when a bank owns the house.  The HOA can actually end up looking like the good guys compared to a foreclosing bank.

In my experience in Idaho, banks are relatively good at paying their bills.  As a group, they are just a little slow, and they try to avoid paying until they have a buyer lined up.  It makes sense that in a community with a high monthly fee, these fees could quickly hit the HOA’s bottom line and require quick action.

http://realestate.aol.com/blog/2012/12/26/payback-time-florida-homeowners-foreclosing-on-banks/

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