New Year..New HOA laws for Texans. As the housing market and the economy went bust in the last few years it was not uncommon to see news stories on the tactics used by HOAs, in Texas and in other parts of the country, that had catastrophic affects on homeowners. Not only on those in the homes targeted, but in the HOA communities as a whole.
As North Texans were busy ushering in the new year, new laws were going into effect to protect the rights of Texans who buy into HOA communities. This is great news for current and future homeowners in these communities.
The basics of the new law are this…no longer can foreclosure action be taken simply for being behind or failure to pay HOA fees. HOAs across the state must now work with the homeowner to come up with a viable payment plan that will allow the homeowner to get caught up on the fees.
The abuse of power by HOA was not occurring all over, there were many HOAs already using this approach. However, the few that were not..and were forcing foreclosure over fees were giving the entire HOA idea a bad reputation. The fallout of which was potential homeowners I’d not want to see HOA properties and current homeowners, who wanted or needed to sell, lost value based on being part of an HOA.
The implementation of this new law will do what HOAs were intended to do in the beginning…add value back to owning an HOA property.
So happy house hunting North Texas! Let Avery Realty Group/Avery Properties help you in listing your home or buying your next…all while keeping more cash in your pocket. ask me how…Today!