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# HOA Liens Are Wiping Equity
- URL: https://www.insidersfirst.com/hoa-liens-are-wiping-equity/
- Published: 2026-09-08T10:00:44.000Z
- Updated: 2026-09-08T10:00:44.000Z
- Author: Insiders First Desk

Something is moving fast inside condo markets that most note buyers and distressed-asset operators are not tracking yet: HOA foreclosure filings are climbing at a pace that is outrunning mortgage delinquency data, and the structure of HOA law means these actions resolve — and wipe collateral — before most lenders even receive a notice.

In the majority of states, HOA liens sit **senior** to first mortgages. That means when an HOA forecloses, sale proceeds satisfy the HOA debt first. Whatever is left goes to the mortgage holder. In distressed condo markets with thin equity cushions, that residual is often zero. Note buyers who underwrite condo collateral without accounting for HOA lien priority are pricing risk incorrectly — sometimes catastrophically so.

What makes this a *right-now* opportunity: national HOA filing volume has risen meaningfully over the past two years, with several states posting steep, measurable jumps. One state recorded a near-tripling of filings in a single calendar year. The gap between HOA foreclosure sale proceeds and outstanding mortgage balances is creating a narrow window to acquire distressed condo notes at a meaningful discount — before banks and portfolio buyers reprice the inventory.

### 🔓 Unlock the Full Playbook

The signal is real and the filing data is verified — what you need now is the exact state-level numbers, the sourcing stack, and the execution checklist to move before the window closes.

- **Verified state-by-state filing data:** **Get the exact HOA lien filing counts and year-over-year growth rates for the highest-velocity states — including one that posted a 178.9% spike in 2025 — sourced directly from ATTOM and Benutech data.** No estimates, no qualitative ranges.
- **Sourcing stack:** **See the specific public portals and clerk-of-court search tools for the highest-filing counties — Miami-Dade and Clark County, NV — with direct links to their live lien and foreclosure filing databases.**
- **Execution checklist:** **A step-by-step underwriting and deal-sourcing checklist for condo note portfolios in HOA-stressed markets, including the Florida statutory timeline you need to know before committing capital.**

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