LAS VEGAS (AP) - A Nevada state commission is considering capping the amount that collection companies can charge owners of foreclosed-upon homes for unpaid association fees.
The seven-member Commission For Common-Interest Communities and Condominium Hotels held a hearing Wednesday in Las Vegas before calling for a proposal to cap amounts at $1,950 per homeowner association.
Panel members were told that collection companies have been charging up to $8,000.
The issue is part of a battle between investors buying foreclosed homes and collection agencies for homeowners associations trying to collect past-due assessments.
Earlier this year, investment groups filed a class-action lawsuit claiming hundreds of homeowners associations and collection agencies overcharged them for fines, interest and collection costs that accumulated while homes sat vacant during foreclosure proceedings.
Comments
Use the comment form below to begin a discussion about this content.
Sign in to comment