HOA Lien Negotiation
Has anyone successfully negotiated an HOA lien? I have one that is $10K, the yearly fee is $1080. It was going to public sale, but they switched attorneys, so we have a reprieve. I am in Florida where I believe if it goes back to the bank the HOA only gets 1 year's HOA fees.
Any advice would help.
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Kathy,
Some HOA's can be a pay in the behind to negotiate with, especially if they have leverage. If it's a state that they will only receive 1 year of delinquent HOA does if the property goes to foreclosure, then what Ron stated is always a good tactic. Just start low and work your way up, you need to play the game with them. I'd also have on the Est. HUD money going towards the HOA for the servicers review as they may approve some sort of HOA fee.
310-564-6389
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Permalink Reply by Wayne Brooks on
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Yep, it's actually one year, or 1% of original loan amount, which ever is less. But there seems to be no logic with some HOA's and their attorneys. Was this a mortgage foreclosure, or HOA foreclosure sale? Does this HOA take advantage of the ability to rent the unit out, so as to make up some fees, if they get it back at an HOA foreclosure? Many shorted banks will only offer one years worth of HOA out of the closing because of this Florida rule.
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Permalink Reply by Kathy Yannes on
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It is short sale, it almost went to public sale but got cancelled. I was wondering if anyone had negotiated successfully since I know it is a pain. I am working on them now and will report how it goes for any future questions on this.
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