I’ve learned some additional information and wanted to share it with our readers.
Go to www.petition2congress.com and type HOA in the “search” box. There are numerous petitions demanding attention from the legislators regarding the subject of HOAs.
One petition started by a person in Nevada declared a hunger strike!
On another note, today, I received an email from a gentleman named Nathan Cline. He said, “I would sooner jump into a river of molten lava than move into a house with an HOA.”
Nathan, the molten lava would take you out of your misery a whole lot faster. Living in an HOA is a slow and painful death to the body and bank account. It’s so refreshing to hear yet another person refuses to suffer in an HOA!
Yes, folks. Some home sellers know exactly how to market their properties! The photo is a bit blurry. But the second panel is what’ll get this guy the highest possible price: “No Homeowners Association.”
The latest controversy in HOA Land: in Nevada – and by extension 21 other states with similar legal status – the HOA super priority lien can now extinguish an outstanding mortgage backed by the Federal Housing Finance Agency (FHFA).
It’s ironic, because when CAI was founded back in 1973, it was with cooperation from FHA. Their agreement to back mortgages in common interest developments was the glue that held disparate CAI interests together.
But after years of mortgage deregulation, followed by out-of-control real estate price increases, and the ensuing mortgage default crisis, things have certainly changed.