Foreclosure Surge Hitting Homeowners Current On Their Mortgage Payments

In Los Angeles, California, FOX 11 News reports:

• The surge of foreclosures sweeping across America is hitting condominium owners who are current on their payments because homeowners associations are getting stiffed by persons losing their homes. Many large condo complexes are so rife with vacant, foreclosed units that some have had to levy special $1,000 fees against the remaining owners to pay for emergency termite repairs or other maintenance costs. Some of the abandoned units are turning into nightmares for the volunteer HOAs, with squatters, hundred-pound beehives, and other undesirables taking up residence, [...]. Some condos worth more than $1 million have been abandoned, leaving the neighbors to water and mow the lawns.

For more, see Foreclosure Surge Affecting HOA Residents in Orange County.

See also, The Orange County Register: Foreclosures put county's HOAs in financial bind (Mortgage meltdowns have cut into homeowner association budgets, prompting fee hikes and delays in repairs).