Ask A Lawyer

Tell Us Your Case Information for Fastest Lawyer Match!

Please include all relevant details from your case including where, when, and who it involoves.
Case details that can effectively describe the legal situation while also staying concise generally receive the best responses from lawyers.


By submitting this lawyer request, I confirm I have read and agree to the Consent to Receive Email, Phone, Text Messages, Terms of Use, and Privacy Policy. Information provided may not be privileged or confidential.

HOA AND COA FORECLOSURES: AN OVERVIEW OF WHAT YOU SHOULD KNOW

by Melvin Monachan on Feb. 19, 2019

Real Estate Foreclosure Real Estate 

Summary: HOA AND COA FORECLOSURES: AN OVERVIEW OF WHAT YOU SHOULD KNOW

If you own a home or condominium in the state of New York, you may be part of a homeowner's association (HOA) or condominium association (COA). If this is the case, you are likely subject to assessments for your membership in these associations. These fees should not be taken lightly; failure to pay your HOA or COA fees can have serious consequences.

HOAS/COAS AND THEIR POWERS IN NEW YORK

If you are part of a homeowners association or condominium association, these groups may seem like nothing more than a neighborhood association that keeps up the appearance of your property. In reality, however, HOAs and COAs can be powerful organizations that carry a great deal of legal power over your real estate.

Say, for example, that you run into financial trouble and are unable to continue paying your HOA dues. You may have lost your job, or been diagnosed with a medical condition which requires costly treatment. You may think that in failing to pay your HOA dues, you are subject to nothing more than a nasty letter from your association. This, however, is far from the case.

In reality, if you stop paying your HOA or COA dues, your association can place a lien on your property for the delinquent assessments which you owe. If you receive an HOA/COA lien for unpaid dues and ever try to sell your property down the road, you will be unable to give clear title to the purchaser of your property until you pay the delinquent assessments in order to remove the lien from your home.

The powers of homeowners associations and condominium associations don't stop at the ability to place a lien on your property, however. Although not commonly known, in New York, like many other states, if you fail to pay your HOA or COA dues, your association actually has the power to foreclose on your property for nonpayment.

HOA/COA FORECLOSURES IN NEW YORK

Unlike a mortgage foreclosure, if you find yourself the victim of an HOA or COA foreclosure, the nightmare doesn't end once the association's case comes to an end and you lose your house; if you got a home loan to purchase your home or condo, an HOA foreclosure will leave you saddled with the burden of a mortgage for a home or condo that you no longer own. If you stop paying your mortgage, your lender can turn around and foreclose on you again.

Sometimes, an HOA or COA will allow owners who have become delinquent on their assessments to work out a payment plan to repay the unpaid dues. If the homeowner is financially able to abide by the payment plan, he or she can stop the foreclosure and retain his or her home.

FACING AN HOA/COA FORECLOSURE IN NEW YORK? WE CAN HELP

If you are a New York resident who owns a home or a condominium and are facing foreclosure by your HOA or COA for unpaid assessments, The Law Offices of Melvin Monachan, PLLC are here to help. Our legal team is dedicated to providing quality legal representation for those who are facing the loss of one of their most valuable assets. To set up a consultation to speak with Melvin Monachan about your HOA or COA foreclosure, fill out an online contact form or call (347) 620-0565 today.

Legal Articles Additional Disclaimer

Lawyer.com is not a law firm and does not offer legal advice. Content posted on Lawyer.com is the sole responsibility of the person from whom such content originated and is not reviewed or commented on by Lawyer.com. The application of law to any set of facts is a highly specialized skill, practiced by lawyers and often dependent on jurisdiction. Content on the site of a legal nature may or may not be accurate for a particular state or jurisdiction and may largely depend on specific circumstances surrounding individual cases, which may or may not be consistent with your circumstances or may no longer be up-to-date to the extent that laws have changed since posting. Legal articles therefore are for review as general research and for use in helping to gauge a lawyer's expertise on a matter. If you are seeking specific legal advice, Lawyer.com recommends that you contact a lawyer to review your specific issues. See Lawyer.com's full Terms of Use for more information.