Going vertical: don’t forget about those pesky HOA fees!

For many Arizona homeowners, fees related to a homeowners’ association (HOA) are inevitable. Most homeowners dutifully hand over fees to their HOA when required, accepting that the fees necessarily come with owning a home in a planned community or condominium. In turn, the HOA maintains and improves roadways, common areas, and other features of the community. Homeowners and their lenders may not know, however, that failing to pay HOA fees can cause disproportionate losses for both. In fact, under Arizona law, both homeowners and lenders can lose their entire interest in a home if HOA fees are not promptly paid.   Read the article………….