At the Hillsborough County, Fla., courthouse bidders line up twice a day to buy distressed properties, including homeowner association foreclosures. HOAs foreclose on homes after the owner fails to pay association fees.

On June 17, 2008 Etelcharge announced a definitive agreement to acquire PaymentOne. The acquisition is targeted to close in July or August of 2008 if approved by the US Bankruptcy Court for the Northern District of California. PaymentOne’s majority shareholder is The Billing Resource , which has filed for Chapter 11 bankruptcy.