1. Payment plans have become a prerequisite to foreclosure. See HOBB Report:
1,425% Markup - Big Corporate Business for HOA Non-Judicial Foreclosures
2. An elite group of HOA industry attorneys/debt collectors have captured the
market of no-win homeownerâs payment plans as the option for HOA foreclosure
on homesteads.
3. The HOAs attorney business plan objectives for payment plans:
a) Is to derive a steady stream of income for themselves as the debt collector;
while the debt continues to mount under the payment plan
b) When a payment is missed under the plan (anticipated), the HOA attorney
posts notice for a âNonâJudicialâ foreclosure again, adding more fees and
offers another payment plan or face foreclosure. Additionally, homeowners
may be required to sign an Agreed Judgment
c) With 2 to-as-many-as 5 times of payment plan extensions and notice
postings, the attorney submits the Agreed Judgment for a default before
the judge under a Judicial Foreclosure
d) Foreclosed â THE END
Under payment plans many have paid thousands of dollars only to see their homes
taken in foreclosure over the original $150 assessment debt.