A friend of mine is a recently elected HOA president, this topic came up over drinks one night. He thought that they get their money while I didn’t think that was the case. My view was the HOA fee is more like a cable bill and is the problem of the underwater owner not the bank that holds the first mortgage.
I’m still not completely convinced myself although DaCounselor seems to know what he’s talking about.
Are there any more references to actual case or anything specific?
I think this is an important issue in our current market.
