LETTER: Banks know the rules in Nevada regarding home-owner association foreclosures
In response to the Review-Journal’s Friday editorial on HOA foreclosures:
As the treasurer of an HOA, I know that delinquent assessments compound quickly on properties where a bank holds a mortgage and the owner stops paying. Months turn into years of non-payments.
The only ammunition we have is to force a foreclosure. Banks were then notified repeatedly about the possible sale of “their” property. Their failure to resolve the problem was self inflicted.
It may seem unfair that HOAs can hold this power, but we are small organizations that cannot afford to wait years for our money. They know the rules.