Federal Register ( 65324 Vol. 69, No. 217/Wednesday, November 10 2004 Proposed Rules ) HUD is proposing a new rule that would amend 24 CFR 203.23(a) to require a provision in the mortgage for the payment of homeowner or condominium association fees among the other payments that the mortgage is required to make under the mortgage. According to HUD, after performing a study on the various state laws they find that there is "great variance amongst the states with the states". Quoting directly "Further, HUD desires to protect the viability of homeowners's and condominium association by providing a method whereby there would be greater assurance of the associations collecting their fees. HUD also wants to protect hose homeowners who do pay their fees from being assessed for maintenance and other expenses that cannot be paid because other homeowners do not pay their fees."
Want to guess at who made them look. http://stateofcommunities.blogspot.com/2007/09/now-even-hud-knows-that-there-are-big.html
We now know what they did - NOTHING. In fact this same agency has now raised the delinquency limit to 15 percent up from 10 percent. [ave is now closer to 19 percent late] which means that only 85 percent of the bill are going to get paid in a budget that is to equal zero at the end of the year. Want to know who owns the most homes in your community and does not pay their bills.
Read the Article at HuffingtonPost
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