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Delinquent HOA dues causing problems in short sales

It seems many short sale lenders are just saying no to paying the HOA(homeowners association) dues which are delinquent. Short sellers often decide they're not going to pay their mortgage, property taxes, or HOA dues and then can live cost free for as long as the short sale takes. But by not paying their HOA dues, by the time the short sale is approved there could be thousands of dollars in HOA dues which are in arrears, plus interest and legal fees which get tacked on. Suddenly this becomes the responsibility of the buyer or agents to cover or the home ends up in foreclosure and everyone has just wasted a lot of time trying to accomplish a short sale.

So if you are a buyer looking to make an offer on a short sale home or condominium which has a homeowners association, but find out if the seller is current on their monthly dues and plans to continue paying.

Posted Sunday Dec 11