While in the process of a short sale do you continue to pay HOA fees?
This is a very situational question. It really depends on a few factors. The biggest is whether you are staying in the property during the process of the short sale.
The question you need to ask yourself is...what does the HOA fee provide and why would I need whatever that is.
Your concern is really based on two scenarios: Do I need it because I need it to stay in the property, or do I need it to keep me from some future liability.
My advice to most people is if you are looking at a short sale, it would be wise to get some advice from a bankruptcy lawyer. The concern here is that even if you do a short sale, you could still be liable for a deficiency on the HOA. Many lenders are not giving people full forgiveness of debts. I'm predicting a lot of people needing to file bankruptcy over the next 6-8 years because of debts they thought were resolved in a short sale that come back to haunt them.
Yes, if you don't the bank will have to pay for it and might charge it to you. Another problem would be that the HOA can foreclosure if they are not paid.
by Julie Grimes 7 years ago
What's a short sale, and how does it differ from a foreclosure?
by beachbumrealty 6 years ago
If you will be asked, will you consider a short sale?I have this friend who is distressed because of his mortgage debts. His attorney told him to offer his property for less than its market value. Please help, I want to hear from you.
by mikeyperk 7 years ago
If you are underwater with your mortage and your family is growing. What to do? Short Sale?
by ltonks 8 years ago
Where do I send a short sale package?
by LVHighRise 7 years ago
What do you think, is it easier to work with a short sale or a foreclosure?
by websclubs 8 years ago
What’ the best way to invest in real estate?
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