Land Use Controls RegulationsDeed_restrictions_HOA_CCRsEASY
A homeowner fails to pay HOA assessments for two years. The HOA records a lien against the property and initiates foreclosure proceedings. What type of lien does the HOA hold?
Correct Answer
D) A statutory or equitable lien for unpaid assessments as authorized by the CC&Rs and applicable law
HOA assessment liens are created by the CC&Rs and authorized by state statute. They give the HOA a security interest in the property to secure payment of unpaid assessments, and in many states, the HOA may foreclose on this lien.
Answer Options
A
A mechanic's lien for construction work performed on the propertyB
A judgment lien from a court-ordered civil lawsuitC
A mortgage lien securing a loan to the homeownerD
A statutory or equitable lien for unpaid assessments as authorized by the CC&Rs and applicable lawWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
HOAassessment_lienforeclosurestatutory_lienland_use_controls
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