Money judgment and large amount due to HOA

I'm in a short sale situation that I don't know is even possible to get approval. There is a first and second mortgage on a condo in CA that may sell for about $95,000.  There are back HOA fees and penalties of over $7000.  And a title search showed a money judgment  (credit card debt)  for $5000.  Has anyone had any luck with such a judgment - with a negotiated reduction in the judgment?   Between this and the HOA I don't know if a successful short sale is possible.  Any advice or words of wisdom? 

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Permalink Reply by Jeff Payne on October 19, 2011 at 9:28am

Vicki, I am a never say never guy. I got BofA to pay 18,000 in past HOA fees on a 140,000 sale.   Anything can be negotiated, it all depends on how much of a fight you are looking for

Permalink Reply by Scott Gregory on October 19, 2011 at 11:03am

At the end of the day you are going to have to have the numbers to convince the bank that overstepping the guidelines makes sense because it is still a better deal over a foreclosure. And you will probably have to fight that fight with someone up the chain of command once you go as far as you can with the low-level negotiators. Come in armed with your numbers on short sale vs. foreclosure.

Permalink Reply by Kimberley Kelly on October 20, 2011 at 2:38am

Yes it is ALL negotiable.  In your case, and I'm in Calif. also, I would've hit the Seller with this BEFORE listing?  Maybe you have not listed it?  What can they contribute?  Is this HOA and Credit card company willing to negotiate with you?  This is almost like 4 liens on this $95,000 property..lots and lots of work!

Permalink Reply by Vicki Pedersen on October 20, 2011 at 2:45am

Thanks for the responses.  The seller has been unemployed (other than some  low paying temporary jobs) for the last three years.  So she is not able to contribute anything towards these liens.  We also have a short time line.  She waiting until a while after the NOD was filed. 

 

Permalink Reply by Linda Susan Fox on October 23, 2011 at 3:02am

I would include all of this in the HUD and see what the lender will pay.  You can try to negotiale the HOA penalties and have the seller try to get the the judgment released from the property as there is no monies for this on a short sale.  It will be alot of work for a small pay check.  I have had buyers pay the back HOA dues is they want the condo bad enough.  Good Luck and keep us in the loop.

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