Posted on: 06th Oct, 2009 02:15 pm
To make a long story short.
Mom and I on title as joint tenants, Mom only one on Mtg/Loan. Condo in an HOA community. Mom dies last year. MTG payments are deliquent, as are just recently HOA. (I couldn't afford to pay them anymore) HOA sent out letter stating that they are going to file a lien on the condo. Condo is underwater and currently trying to short sell it but lender is taking forever.
Any way to not pay the HOA?
Also if I could walk away I would.. but I figured that short selling the property would be a quicker alternative to foreclosure.
Mom and I on title as joint tenants, Mom only one on Mtg/Loan. Condo in an HOA community. Mom dies last year. MTG payments are deliquent, as are just recently HOA. (I couldn't afford to pay them anymore) HOA sent out letter stating that they are going to file a lien on the condo. Condo is underwater and currently trying to short sell it but lender is taking forever.
Any way to not pay the HOA?
Also if I could walk away I would.. but I figured that short selling the property would be a quicker alternative to foreclosure.
Hi vector,
It would not be possible for you to avoid the HOA fees. You will have to pay it off or else the HOA would place a lien on the property. Short sale is definitely a better alternative than foreclosure. You should contact your lender and check out if he can speed up the process for you. However, you should remember that if you go for a short sale, you would be responsible for the deficient amount resulting from the sale of the property.
To know how short sale affects credit score, check out the given page:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
It would not be possible for you to avoid the HOA fees. You will have to pay it off or else the HOA would place a lien on the property. Short sale is definitely a better alternative than foreclosure. You should contact your lender and check out if he can speed up the process for you. However, you should remember that if you go for a short sale, you would be responsible for the deficient amount resulting from the sale of the property.
To know how short sale affects credit score, check out the given page:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
We are in the process of a short sale and I'm not sure if it's a law that just passed but we will not be held responsible for the deficient amount of our loan. We bought for 402,000. and the bank accepted an offer from the buyer of 249,000. We will not be paying a penny. My husbands name is the only name on the loan so his credit will be hit but can always rebuild that. Good luck!