BofA says they will not pay delinquent HOA dues in a shortsale

Has anyone faced this situation before? I am asking BofA to pay delinquent HOA dues of $9000 in a shortsale of a condominium, deficiency is approx $70,000. The buyer has said that he will not give a cash contribution and my seller is very sick and not working these days, so she is unable to contribute. The negotiator says that BofA will only pay the delinquent HOA dues if the property is in the state of FL or MA. She says that the state of MS would not qualify. If this unit ends up going to foreclosure, the bank I think would have to pay the delinquent dues regardless of where it is. I think I am being fed a story. Need some help.

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Replies to This Discussion

Permalink Reply by Steve Early on October 9, 2010 at 6:13am
Personally, I think it depends a lot on the deal and what they're netting. I don't believe you can say they "never" pay HOA dues, or that they "absolutely will".

The last Florida deal we tried to do with them - they agreed to pay $20,000+ in HOA fees, but the seller would have to come to the closing with $10,000 in cash. The seller was willing to do it, but the buyer was unwilling to meet Bank of America's "$25,000 over fair market value" counter-offer.
Permalink Reply by Kimberley Kelly on October 12, 2010 at 3:32am
In CA., I find this out at Listing, and put it in the MLS for the Buyer's Agents to KNOW. They will need to pay it unless the Seller has any money to kick in.
Permalink Reply by Janine Donelon on October 12, 2010 at 3:48am
Thanks Kim. If this offer does not work I will be sure to change my listing and let the buyer's agent know that the buyer would have to pay the assessment.

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