Avoiding Foreclosure For A Las Vegas Rental Property. The Home Owner’s Association Will No Longer Let Me Rent.?
ByI own a home in Las Vegas which i have as a rental property. I live in NY where I rent an apartment. The property was bought with the intention to rent it. After purchasing the home I was made aware that I cannot rent the property out without board approval. My ARM was up last year, my payments have increased and now that my most recent tenant moved due to being laid off, the board is telling me that I have to go on a waiting list to be approved to rent my property again!!. My home is now vacant. I am losing lots of money. I want to avoid foreclosure. Is there any way that the home owner’s association board can be forced to allow me to rent if that would keep me from foreclosing? Are there any laws that may help me avoid foreclosing by allowing me to rent the property? Please help!
2 Comments
January 11th, 2010 at 6:57 pm
Hire a lawyer and threaten to sue for loss of property due to their lack of approval.
Thin; but lots of HOA’s are small associations who go out of their way to avoid spending money in court.
Thin is about all you have.
January 12th, 2010 at 12:33 am
Read, or perhaps re-read, your HOA documents. A key is whether or not HOA membership is mandantory or voluntary. It’s probably mandantory so you don’t have much choice but to follow the rules.
realtor.sailor