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Ever wish you could foreclose on a bank it turns out you Ken.
While banks are usually the ones for closing on homes today often fail to pay their own home -- he is in now vigilante.
Homeowners associations are fighting back against that -- -- all this is Fox News legal analyst Bob -- hi Bob.
Morning that the your have better she use so banks can be foreclosed upon.
Well let's let's first look at it let's look at -- first from the homeowners is itself if you have.
If you live in association.
A -- -- homeowner doesn't pay dues then the homeowners association has the right to put a lien on your property.
That's LI TN and ultimately take your home.
The same thing happens here if a lender.
Four closes on a piece of property that subject to a homeowner's association.
Well guess what -- -- now the homeowner they don't title to that property.
And they have the responsibility to pay the same dues as a homeowner dies and what's happening is they're refusing to do it.
So the association -- saying fine.
If you're not going to honor our bylaws if you're not gonna maintain the property under our association rules were gonna foreclose on you and that's exactly what's that.
-- -- it's weird to hear that homeowners associations.
Have more power leverage than banks in some cases.
Well whenever we're part of an association.
Essentially we're we're bound by their guidelines they're what we call their by laws of what we call the CC and r.'s covenants conditions and restrictions.
And what's happened is a lot of these lenders have come of the communities.
They let did they let the -- burnout.
They don't maintain the property appropriately.
And so these associations have become very proactive.
They say wait a second we have other homeowners your who're paying dues we have other homeowners are maintaining the property.
You just can't be that big guy -- the blocking coveted thing because you're a big lender you're gonna push us around and to their credit.
They are for closing and here's the -- part.
Do you know that let's say there's a 5000 dollar assessment against that property for not payment.
You know that third parties yourself for myself to go -- at the foreclosures cell.
Did that 5000 dollars.
Paid those back -- -- -- And own that property and that's exactly what's happening it's happening in Las Vegas it's happening in Florida all over the country these associations have had to say.
We are behind in payments we got to protect their other people that are paying and they are becoming very -- and I wanted to bring it to our viewers attention.
That this is happening both in their communities all over the country.
That is fascinating Bob is it means that mean I guess the silver lining is that people who have saved a little bit of money can capitalize.
On the irresponsibility.
Of other very much so how do you guys down and not correct deals -- that -- can -- -- well below the -- That -- very good question it's among normal foreclosure it's a matter public record there're people every day investors in particular that look for these eight -- cells.
Both on homeowners are behind on payments and lenders are -- and they're going in and they're buying all over the place in Las Vegas.
People are buying home 678000.
Dollars for past dues and they actually get a trustee's deed title.
To that property and they now are the homeowner they own that home so it's something that our viewers should be aware of if you don't pay the dues.
That association has the right.
To take that property backed by way of law in almost every state in this country.
All right thanks so much for all that and you.
-- good to know Bob -- happy new year.
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