Gainesville Short Sales – Should I Stop Paying My HOA?

Gainesville Short Sale – Should I Stop Paying My HOA? If you are a Gainesville homeowner considering a Gainesville Short Sale or already in a Gainesville short sale you will want to ensure you continue to pay your HOA dues. For reference in this blog post we will refer to HOA neighborhood or condo association fees as HOA Fees. Based on our experience and based on all the sellers that we have worked with living in HOA communities, failure to pay your HOA fees may result in a foreclosure and/or lien placed on your Gainesville home.

Even if the short sale bank told you to stop making your mortgage payments,you have stopped out of necessity or it is a strategic decision you; still need to continue to make those HOA payments. Failure of payment can cause the Gainesville short sale to fall apart.

This past year the State of Florida legislature passed very strict HOA rules to benefit the HOA’s. Your HOA payments typically go to taking care of common grounds, amenities, entrance signs, insurance for the roof or building if applicable, lawn care, etc. When these payments are not made it causes the HOAs to have financial distress and they will have to assess the rest of the paying community in order to maintain and keep up with the expenses.

The remaining Gainesville homeowners have been very displeased with having to carry others expenses. They are going to these board meetings and are demanding the HOA board to stop making deals on behalf of those Gainesville homeowners facing foreclosure. They have to pay the full amount plus take care of others and they are screaming it is not fair.

So in the past year it has become extremely hard to negotiate with the HOA Board of Directors or Property Management Companies for this reason alone. Once you become delinquent they the Gainesville HOA will hire an attorney and now the attorney’s fees are tacked on to your back owed dues and they can sue for FORECOSURE.

Now your bank does have first position for your Gainesville foreclosure, however it does not stop the HOA from foreclosing and they do it as “subject to the first”. The first still retains their right to foreclosure, but the HOA does it under the new law and can seek a judgment. Through the judgment your wages may be garnishedand if they recover the unpaid assessments they do not have to waive any claim of the lien against your Gainesville home. They can cut off your access to amenities; they can evict you, rent out your unit if it is vacant or confiscate the rent directly from your tenant and even charge you rent. The money will go to taking care of arrears, attorney’s fees, etc.

This makes selling your Gainesville short sale difficult or impossible and the bank has placed limitations on how much they will pay towards the back owed HOA fees and sometimes will not contribute at all. Sometimes if you have a cash buyer they may be willing to cover those fees. For additional information review >Florida Statutes Chapter 720 Part 1 General Provisions ss 720.3085

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

Stephanie Anson
 

When choosing a Gainesville, FL short sale agent, Stephanie Anson understands how avoiding foreclosure impacts you and your family’s life as well as those around you. Stephanie Anson is a respected member of the local business community and knows what it takes to prevail. She is one of the most dedicated and committed Gainesville, FL short sale agents. Her experience and emphasis on customer service and satisfaction along with her technological background has been a driving force throughout her real estate career. From the time Stephanie served in the US Navy to now, she takes the time to get to know each of her clients, associates, and industry professionals and forms lifelong relationships with them.

Click Here to Leave a Comment Below 0 comments