Replies to This Discussion

Permalink Reply by Dianne Slutsky on March 9, 2011 at 2:17pm

Have you tried to negotiate with the Home Owners Association.  Many times, they will be willing to release their lien if they know that they are going to get paid and have the property sold to a new owner who will begin paying monthly for HOA.  Also, I did have one BofA where we managed to get over $5,000 in HOA lien (including fines, etc.) paid by seller (BofA).  I had to escalate to a supervisor but it finally was approved. 

Permalink Reply by justin.hanke on March 9, 2011 at 2:31pm

Two ways to attack it but both of them require you to talk with the HOA to have them accept less than what's owed, like Dianne said. One way is to get an updated payoff from the HOA that does not break down the costs, it just says it's going to take $x,xxx to release the lien and BofA won't ask about what of that is fees or interest. The other way is to provide a break down of the charges, work with the HOA for them to accept the $2250 as the payoff and that should cover the dues, but not the interest, fees or anything else right? Then it IS all going to pay the dues and the HOA is ok with taking that to release the lien and BofA is ok with it because it all went to dues. I've had to do it both ways different times, depending on the situation and negotiator for the bank.

Permalink Reply by Benjamin Campos on March 9, 2011 at 2:47pm

OK .. Well Bank of America doesn't want to give me the whole $2250 .. I screwed up becuase I sent them a break down of all the cost from the HOA already but then too they saw the title commitment and it states only $1300 . They only want to give me $1300 but I guess I will have to work it more. This one particular negotiator is not being cooperative and I had to go her supevisor several times. As for the HOA , I already started hangling them already and they came down to $3000 but I will work them for more later. Thanks for the responses yall and dont work too hard ..

Permalink Reply by Dianne Slutsky on March 9, 2011 at 3:05pm

After you negotiate the lower number with the HOA, order a new estimated HUD from title with the correct number and then submit that to BofA.  Follow Justin's advice and tell them that the amount is the lien release for back HOA fees - do not break it out. Good luck

Permalink Reply by Valerie Pressley on March 9, 2011 at 3:54pm

Hi Benjamin,

Yes, I've been in this scenario before.  It's ugly, but it's the reality.  They can divert the $750 seller incentive to pay other fees.  If they aren't going to pay it and you want the deal to go through, suck it up and pay it.  It's better than getting nothing, right?  I'm sure there are others here like myself who've taken a bullet for the team.

 

Hope that helps!

 

Valerie Pressley