<p>HOA fees will go down if the whole thing is REOs.</p>
<p>Banks don't like to pay fees. I was standing in line after having a final summary judgt set aside in a foreclosure. Henh, heh. the atty in front of me was a HOA atty. Said the banks didn't pay, they would foreclose, bank would pay (including atty fees), then the whole thing would start over again. Too few employees. </p>
<p>This can't possibly be cost effective. </p>
<p>But, after the Banks are in control of the assn, because they own a majority of the units, what will they do? Will they be smart enuf to take control? If you've read anything I wrote before, the answer is no, and the reason is--they are stupid.</p>