...HOA assessments are "forward looking". The homeowner did not incur debt, the HOA corporation incurred it. The homeowner has little control over the debt that the HOA racks up. The HOA seeks to pay for its debt by assessing the homeowners. There is no "principal balance" or term. As long as the HOA exists, it will continue to run up expenses. The HOA assessments are perpetual. Homeowners are burdened by a lien securing payment of future HOA assessments which last into perpetuity. There is no sum certain that the homeowner can pay to terminate the lien even though the debt has yet to be incurred. HOA assessments are more akin to illicit taxes by a corporation that has not been delegated governmental taxation authority.
A note on a house (or anything else) can eventually be paid off. HOA assessments are ever-increasing and never ending. HOA assessments are never "done"...
It's from this post in this thread.
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