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HOA Lien Negotiation

Posted by Kathy Yannes on November 13, 2013 at 4:57am in Short Sale Discussions

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.

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Replies

  • Wayne Brooks November 13, 2013 at 5:46am
    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.
    • Kathy Yannes > Wayne Brooks November 14, 2013 at 5:52am

      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.

  • Jonathan Katz November 13, 2013 at 5:30am

    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.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

     

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