POSTED ON BY LYNN WARTCHOW
In Minnesota, if you have unpaid condominium or townhome association assessments—which are often called “HOAs”—these unpaid amounts operate automatically as a lien on the property under Minnesota Statute § 515B.3-116(a), which is part of the Minnesota Common Interest Ownership Act.
What a condo or townhome association lien typically means for the homeowner is that you cannot get out of paying past due HOA assessments while you own the property. Further, it means that the property can be foreclosed by the Association for unpaid homeowner’s association assessments even if you are current on your mortgages. Due to the financial risk of having unpaid HOAs, the Association’s Board of Directors will often opt to foreclose for lesser amounts and on quicker timelines than a mortgagee would typically foreclose an unpaid mortgage.. Read more…..