Who Pays My HOA In Short Sale?
Nilesh Jethwa Wilmington NC Short Sale Expert
Most of the homeowner who has Home Owner Association (HOA) has this question when they cannot afford their monthly mortgage payment that “who pays my HOA in short sale?”
When the homeowner is in financial difficulties, sometimes they cannot afford to pay the home owner association fees along with other payments. Even though, it’s much lower payment than the mortgage payment but believe me they have the right to foreclose if you miss the HOA dues for couple of months or more, depends on the association rules and regulations.
But in this tough market, most of the association doesn’t want to foreclose but most probably they will send it to collection department to collect it from the home owners for the due amounts. They add their additional fees also with that balance due amount when it goes to collection. Now, if you are not paying the association fees, they will put a lien on your property, which will make it hard to sell the property without clearing their dues.
If you are doing short sale then sometime the lender pays all of your HOA dues but not all the banks pays for it. You need a trained and experienced short sale agent on your side to negotiate with the lender to pay the HOA dues or make some kind of arrangement with HOA so that you can complete the short sale process.
Trust me, HOA people is hard to deal with, they don’t want to give up any of their due amounts and most of them, don’t even care whether the homeowner is facing foreclosure or not. If the lender doesn’t pay the HOA balance dues and no one else pays then you cannot complete the short sale even if the lender approves the short sale. So, it is really important that you always work with an experienced short sale agent in your area, who knows how to handle the short sale process.
If you have any questions or need my assistance in selling your house then please contact me at 910-622-0319 or email me. I sell not only in Wilmington NC but also the Pender and Brunswick County area. So call your local area short sale specialist for your short sale.