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Homeowner Defenses That Could Be Used in the HOA Foreclosure Process. As an HOA Board member you may be faced with the task of having to make the decision to foreclose on homes in your association. Weâve all been challenged by the financial climate these last few years and it is going to take some time to bounce back.
A foreclosure is the legal process where your mortgage company obtains ownership of your home (i.e., repossess the property). A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan.