An eye-opening trend, really. Homeowner associations, similar to lenders, can foreclose on homes to recoup delinquent payments. Nevada, as well as 20 other states, has laws giving HOA liens priority over first mortgages.
The move is expected to help open up the credit box to first-time buyers, self-employed borrowers, borrowers who have had recent job switches, and borrowers who faced financial hardship during the recession.
Jerry Kline (l), realtor with Keller Williams Flagship of Maryland, with buyer clients Peter & Naomi Crellin. Jerry recently helped the Crellins purchase a 104-year-old Victorian restoration project in Bowie, Md.
Peter & Naomi Crellin were searching for a historic property they could put a lot of love and hard work into, to bring back to life. Just a block or two from the old Bowie train station, we found the perfect, 104-year-old Victorian they were hoping for. The Crellins recently settled on the home and have already started restoring it. Thank you, Peter & Naomi, for allowing me to help you with this fun and rewarding project!