How does an HOA collect delinquent assessments?

An HOA may use the legal process of lien foreclosure to collect delinquent assessments in Oklahoma. A lien is a legal obligation attached to real estate that allows a creditor to take possession of the property in order to receive payment of a debt. The first step for a HOA to take is to notify the homeowner of a delinquency and allow the homeowner a certain period of time to pay. If they fail to do so, the HOA can then record an assessment lien with the County Courthouse. Once the lien is recorded, the HOA may proceed with lien foreclosure, which is a legal process that gives the HOA the right to repossess the property in order to satisfy the delinquent assessment. The HOA must follow the procedures provided by Oklahoma statutes, including filing a notice of foreclosure and giving the homeowner sufficient time to respond or cure the delinquency. If the homeowner does not respond within the allotted time, the HOA can proceed with lien foreclosure and force the sale of the property to satisfy the delinquent assessment. If the proceeds from the sale are insufficient to cover the delinquent amount, the HOA may pursue a deficiency judgment against the homeowner for the remaining balance.

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How does an HOA collect delinquent assessments?

How does an HOA collect delinquent assessments?

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