I need ideas on handling a collector on HOA fees that I cannot afford!
Submitted by LB2 on Sun, 10/03/2010 - 13:19I have a condo in St. George Utah. I owe 30 to 40K more then this condo is worth. I pay my mortgage on this property and have not missed a payment, or been late. I cannot afford the outrageous home owners fees at $215 per month. I will not sacrifice feeding my family and miss paying for the home I live in in Idaho.
I am working very hard at getting out of debt. Within 1 year I will be out of debt on everything except for mortgage debt. Now I have a collection agency demanding payment of $5148.44 for HOA fees on a condo that I don't live in and have not been able to rent out for a year.
They have already placed a lien on the property, making it impossible for me to restructure the loan or sell.
I cannot afford lawyers to help me with this situation, as their fees would be as much or more then the HOA fees.
I know I never should have purchased this so called "investment". I did it when I was 26 years old, 5 years ago. Just 2 years later, I never would have done something like that, knowing what I know now. So please don't preach to me. I need helpful information, not a lesson in principles that I was not learned in 5 years ago.
Thank you in advance to those with any helpful info.
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Hi LB2
Why not fault the HOA out and lien them. I'll try and help you out WITHOUT going to court. Write me at riceowlex@gmail.com
Just one last kick in the nuts, then a final deathblow
In most states ....
The HOA can forclose.
It sounds like this is where they are heading.
Of course the bank has first dibbs.
You might be getting a letter from the bank demanding payment in full. Mortgages usually require you to be up to date on the HOA fees. If you aren't you are in violation of your agreement.
Even if you sell it on a short sale, you are going to owe the HOA fees probably. That is an unsecured debt.
The only option I see is calling the HOA and try to work out a deal.
Grass, landscape, roof, driveways, paint, pool maintenance, etc., etc. You are now getting that for free and you are going to have to pay the piper.
I know that is not what you wanted to see.
WAHOR!!
http://www.dailypaul.com/node/48994
I'm in the same boat on this.
my current home I purchased 9 years ago had a $125/mo HoA fee which included quite a bit. It's now $239/mo and it's killing us. Our house isn't rented out either as the college enrollment is so low, and it's just depressing.
Any ideas I would be interested in hearing in terms of how to force the HoA to stop raising fees- I was once a board member and fought every fee raise for 3 years.
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Peace, Freedom and Prosperity. Not War, Welfare and Bankruptcy.
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Worse than Climbing Fees
The only thing worse than climbing fees is Emergency Assessments.
A well-run HOA puts money aside in advance for new roofs, etc. so they don't have emergencies.
I would never again buy anywhere where there is an HOA fee. Thankfully, in California, we have Prop 13, the Howard Jarvis measure that put an end to extortionate property tax increases, and that helps a great deal. The taxing authorities, mortgage holders, and HOA's all have the ablity to foreclose for non-payment, so if you can buy without them, you're better off.
What do you think? http://consequeries.com/
the house is upside down anyways...
by about 30k. So if they foreclosed so be it. I'm still paying it right now and trying to short sale.
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Peace, Freedom and Prosperity. Not War, Welfare and Bankruptcy.
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Why isn't it rented?
HOA's are desperate to collect their fees and you can't blame them. The other homeowners have to pay their own, and for yours, too, if you don't.
You call the fees "outrageous." Are they wasting the money? Are their expenses really lower than that? What are they spending them on? Do you attend the meetings or talk to them?
They have a duty and an obligation to all the homeowners to collect from everyone. They have a right to put a lien on your unit. They have to pay property taxes and insurance whether you pay or not.
$6,000 owed divided by 12 months, is $500/month. Even $250/mo. would cover the dues. Find a tenant. Find one who wants to buy it with no down payment in a few years and make a rent-to-own deal.
Real estate prices will go up as the dollar goes down and the Chinese and others look for ways to spend dollars on things of real value.
What do you think? http://consequeries.com/
It isn't rented because the
It isn't rented because the rental market has gone to hell. I want nothing more then to rent it out. Haven't had luck doing that. Even with a property management company.
Maybe they haven't spent it all. Ask in spanish.
La Raza is well funded (by you and me) in helping to accomplish this.
http://thomas.loc.gov/cgi-bin/query/F?c110:5:./temp/~c1109EL...
H.R.3221
Housing and Economic Recovery Act of 2008 (Enrolled as Agreed to or Passed by Both House and Senate)
SEC. 2401. HOUSING COUNSELING RESOURCES.
There are appropriated out of any money in the Treasury not otherwise appropriated for the fiscal year 2008, for an additional amount for the `Neighborhood Reinvestment Corporation—Payment to the Neighborhood Reinvestment Corporation’ $100,000,000, to remain available until December 31, 2008, for foreclosure mitigation activities under the terms and conditions contained in the second undesignated paragraph (beginning with the phrase `For an additional amount’) under the heading `Neighborhood Reinvestment Corporation—Payment to the Neighborhood Reinvestment Corporation’ of Public Law 110-161.
Check out their Grantees!!!!!
http://www.nw.org/network/nfmcp/documents/AwardeesbyGrantAmo...
Acorn, LaRaza...!!!
And never forget, “Humans, despite our artistic pretensions, our sophistication and many accomplishments, owe the fact of our existence to a six-inch layer of topsoil and the fact that it rains.”