Foreclosure Risk for Late HOA Dues

From KXAN, April 16, 2009...

How would you like to lose your $250,000 home over not paying your homeowner's dues?

It is a closer reality for Mark Lyne, an insurance agent, in Williamson County. Lyne received a letter last week from his Homeowners Association in the Woods of Brushy Creek subdivision in Northwest Williamson County, that said the HOA intends to foreclose if he does not pay his $1,267 fine.

"So they're going to come and take our $250,000 asset so they can get their $1200," said Lyne.
Lyne, who lost his job in 2005, has admittedly faced financial difficulty. He admits not paying his dues because of other choices in his life.

[Ed. Note: In 2002 a $500,000 home in the well-to-do Houston subdivision of Champion's Forest was foreclosed and sold at auction by the HOA for lack of payment of the $814 HOA dues.]

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