Memo: HOAs Should Have Longer Look-Back Period for Foreclosing Institutions
Homeowner associations should have a longer look-back period to obtain unpaid expenses, dues and fees from foreclosing institutions prior to a judicial sale of a property, said a state representative in a memo.
December 21, 2017 at 06:07 PM
1 minute read
Homeowner associations should have a longer look-back period to obtain unpaid expenses, dues and fees from foreclosing institutions prior to a judicial sale of a property, said a state representative in a memo.
State Rep. Stephen McCarter, D-Montgomery, stated Title 68 of the Pennsylvania Constitution should be amended to double the months allowed to assess fees from foreclosing institutions—including banks—before the sale of the foreclosed property. McCarter said his amendment would allow an HOA to collect from the foreclosing institution up to 12 months' of unpaid expenses prior to the property sale.
Currently state law allows an HOA to assess a financial institution six months' worth of delinquent fees prior to a judicial sale of a property, according to McCarter's memo.
— Victoria Hudgins, of the Law Weekly
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