What Happens If You Don’t Pay HOA Fees? Let’s Find Out!
At the start of the year, the HOA board comes up with a budget, which they then use to calculate how much to charge each homeowner in monthly or annual fees. As you can tell, these HOA fees play an important role in the overall well-being of the community. Without such fees, an association will easily run out of money to pay for necessary maintenance and repairs.
As one thing leads to another, the community’s appeal will suffer and cause property values to drop, thus, paying HOA fees on time directly affects the value of your property. You’re not just paying for the sake of paying — in the end, it’s for your own good.
But, what happens if you don’t pay homeowners association fees? Not all associations follow the same procedure when it comes to HOA collections and members defaulting on payments. Certain state laws may also affect the way an HOA deals with a delinquent homeowner, though most HOAs do share the same general steps.
In the beginning, you may only receive written warnings and not feel threatened at all. However, the consequences of delinquent HOA dues can have a snowball effect, with each ramification more serious than the one that came before it.
