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reflect the opinion of the Independent Bankers Association of Texas. American Banker | Tuesday, July 12, 2011
By Kate Berry
The price of being a good neighbor can be steep for banks foreclosing on condominiums and homes in planned communities.
In 16 states and the District of Columbia, homeowners associations have "super lien" priority ahead of the first mortgage, meaning they get to collect unpaid dues and assessments before a bank can foreclose. (In the other 34 states, HOAs are wiped out by a foreclosure)... read more.
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