Home foreclosures in the valley are on the rise, at least when it comes to homes being repossessed by homeowners' associations. Many people who live in neighborhoods controlled by HOAs don't know that their house can be foreclosed on just for being behind on your dues, fines, or other assessments.
The Arizona Republic reports foreclosures by HOAs are on a record pace. Under state law, HOAs can take control of a member's home if they owe as little as $1,200, or after a year of missed payments.
Interest and attorney's fees add quickly to whatever else you owe.