HOAs Sue Banks Over Foreclosures

HOA foreclosures
HOA foreclosures

In a further indication of how far-reaching and deleterious the foreclosure crisis has become, homeowner groups have taken to suing banks in order to reclaim properties from delinquent homeowners, Bloomberg reports.

Across the country -- and especially in states with high foreclosure rates, like Florida, California and Nevada -- homeowner and condo associations are being forced to contend with homeowners living in properties they can't pay for, and banks that won't take action unless prompted by litigation.

Some 60 million Americans, or about one in every five, live in properties with homeowner or condo associations, according to Bloomberg.