While most homeowners understand the importance and the role played by the homeowners’ association governing their neighborhood, many don’t understand the seriousness of the obligation to timely pay all assessments due to the association. These are some of the most common misconceptions:
Myth No. 1: The association can’t foreclose on my property
A homeowner’s failure to make timely payments of his association assessments will likely result in the association placing a lien on the homeowner’s property.