We have mentioned before several key things to keep in mind when dealing with Homeowners’ Associations (HOAs). Some people highly underestimate the importance of paying the dues for the association. Beyond being cut off from services that the association offers, there can be several damaging effects to missing HOA payments. Here are the issues you may run across, and an article on AOL Real Estate provides more information should you need it.
The dues for a HOA tend to go towards several services provided by the association. These can be all sorts of things, from road and lawn maintenance to even certain utilities. These services vary between associations, and it is extremely important to keep tabs on what your dues go towards.
Missing these payments can cut you off from these services. Things like lawn service and water can be cut off. Many HOAs can and will put liens on your home if you miss payments. This could result in you having to go to court and possibly may end with you losing your home. That is certainly a situation you would want to avoid. These liens also show up on your credit report, and can be severely damaging to your credit score. We have mentioned before how to monitor your credit score, and cannot recommend enough that you do so.
Knowing the damage that missing these payments can do to your finances, it is of the utmost importance that you stay on top of them and ensure that your HOA dues are paid and paid on time. Even being late on these dues can cause harm to your finances, as some associations can impose late fees.
There are numerous areas in which you need to stay informed in regards to finance. Keeping up with all of them can be a daunting task. Reminders such as these can be an important part of ensuring that you do not cost yourself money by making an easily avoidable mistake.