Florida Short sale specialists Katerina and Nestor Gasset explained clearly why HOA due has to be paid on time even if the sellers are going through a short sale.
This is NO DIFFERENT for Manhattan New York short sale sellers who often asked us about if they should pay their 'COMMON CHARGE' (in other states are the Home Owner Association dues). We have always advise them to pay the condo common charges for the same reasons that it is outlined by Katerina.
For Manhattan New York short sale facts and details, contact us at (917)837-8869.
Do I have to pay my HOA fees when I am doing a short sale? This is a question that is asked in almost every short sale intake evaluation we do.The answer is YES!WHY???Ah, let us count the reasons why:
- New HOA laws passed this past year to benefit the HOA.
- HOA can and most likely will foreclose on your property when seriously delinquent.
- The HOA can lock you out of your community amenities.
- The HOA can take away your gate entrance clicker.
- Your HOA can then rent out your unit and use that money to pay the HOA fees.
- The HOA will hire an attorney who will charge legal and collection fees.
- HOA fees survive your foreclosure. If you walk away from your property, the HOA can still seek payment from you.
- Your lender may pay a part of your HOA fees depending on the rest of the net loss but there is no guarantee how much or if any of your past due HOA fees the lender will approve to come out of the net proceeds in a short sale.
- You can lose your short sale opportunity by owing too much on your HOA fees because unless you plan to bring the difference to closing, where is that money going to come from?
- The other residents who are a part of your HOA who pay their fees do not think they should have to be burdened paying your fees. The HOA has to assess the rest of the units in your HOA for shortfalls in their budgets.Are those enough reasons to make it a priority to keep your HOA fees current?Just saying...Disclaimer: This is based on Florida, check with your state laws. We are not attorneys and we are NOT giving legal advice. This is informational only.Stop Foreclosure- Learn Your Options. Maybe a short sale is your best option.Wellington Florida Foreclosure Options- may be able to help you.Call a Florida Short Sale Agent in Palm Beach County, Broward County, St Lucie County, Martin County or Miami/Dade County- call us today at 561-753-0135 for a confidential intake evaluation in order to estimate the possible outcomes of your short sale.
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
Our team specialize in Manhattan New York Condominiums, townhouses, and condops.