CIty Council President Stacie Gilmore hopes the bill will help prevent families “from falling through the cracks and losing their home.” by bysajahindi
“Prior to the passage of House Bill 1137, the city didn’t have an avenue to provide oversight in how HOAs manage their operations,” Gilmore said. “Because of this, we are seeing homeowners lose their homes to menial things that can easily be fixed with proper communication and follow up such as ripped screens, driveway oil stains and trash cans left out too long.”
The House bill would require HOAs to provide monthly itemized accounting and a link of notice of delinquency to owners who are behind on assessments, provide an option for the owners to enter into a payment plan, prevent HOAs from imposing late fees, fines and interests, caps the amount of a fine for violations at $500, prohibits HOAs from charging interest rates more than 8% per year and requires HOAs to implement policies that provide homeowners with information about foreclosure counseling...
Gilmore’s proposal would require HOAs in the city to provide written notice of owners’ rights and resources on a form approved by the city at least 30 days before initiating foreclosure action for any reason and the notice has to contain a listing of legal and housing resources for homeowners facing foreclosure. The HOA will be required to maintain a record of the notice sent, including the date and time the notice was sent.Rep.
One of the provisions taken out of the bill before it passed was a cap on attorney fees that could be charged to residents amid HOA foreclosure action, which become “exorbitant,” Ricks said, and the fees that rack up are often one of the reasons homeowners lose their houses. But the bill put other measures in place like requiring that homeowners receive three notices about fines and fees, with monthly notices for any delinquency. The bill also prevents HOAs from taking owners to court over missing a payment for more than 15 days one time, only allowing them to take such action about three missed or late payments. And it stops HOAs from pursuing foreclosure based on fines for covenant violations .
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