Question about 'Beach Rights'

[BroadHopper]

Originally Posted by Shreddy

Easy - past due balances accumulate with compounding interest. Once the outstanding balance hits a certain amount, a lien goes on the property. Ultimately, when the property is privy to a transaction the association will collect past dues based on the lien As such, don't NOT pay.

Except when the property goes to foreclosure/auction, technically the lien is transferred back to the bank. The association may try to collect outstanding balances from the mortgage holder. Often times it is not successful. The association absorbed the cost.

[Shreddy]

Originally Posted by BroadHopper

Except when the property goes to foreclosure/auction, technically the lien is transferred back to the bank. The association may try to collect outstanding balances from the mortgage holder. Often times it is not successful. The association absorbed the cost.

Yep - extenuating circumstances. Hopefully, if you're living in a second home owner's association than you should not be having your property go to foreclosure. But, with that said, there are other creditors that need to be satisfied as well. Regardless - there are many ways to deal with individuals that do not pay depending on the association they live in. Many associations offer benefits and privileges - these can be revoked pretty easily.