What's the difference between bank foreclosure and homeowner's association foreclosure?

Banks and homeowners associations are simply two different creditors that each have contracts allowing them to place liens on the property and foreclose on it for payments not made.  A bank uses a contract called a security agreement combined with a mortgage, both of which are filed in the local property records.  These filings create a legal lien against the property, and both documents give the bank a right to foreclose if payments are not made in accordance with the agreement.  A homeowners association uses an agreement, as well, with by-laws or covenants that allow it to place a lien against the property for unpaid dues and other fees associated with membership in the homeowners association.    Foreclosure by either entity constitutes enforcement of the contract terms, via a sale made pursuant to the creditors’ lien rights in the property.