Foreclosures Costing Neighbors as Associations Pay to Keep up Abandoned Houses
(AJC) — Homeowners across metro Atlanta are paying hidden costs of neighbors’ foreclosures as their homeowner associations get stuck with maintaining abandoned properties until the lender or a new buyer takes over. If HOAs don’t maintain them, the empty properties drag down values of other homes and turn off prospective buyers. And at the same the associations are spending more money on maintenance and repairs, they are suffering the loss of monthly dues from foreclosed homes in their neighborhoods. That causes them to have to raise the dues on those who do pay. Allan Price of Roswell’s River Falls neighborhood said his HOA has been forced to raise dues an average of 2 percent a year over the past several years to help pay the losses.