Thanks guys for answering several of my questions today. One more question. I live in a community in Pembroke Pines I have HOA fees since I am going into foreclosure in the next two months. I was told it would be wise to start saving and for an apartment and don't pay the second mortgage that I have. Now is it wise to stop paying the maintenances fees?
2007-09-28 07:37:16 · 8 answers · asked by Cowgirl Joe 2 in Business & Finance ➔ Renting & Real Estate
They can all come back to you for a deficiency judgement. Ie you dont pay them now, they could come after you later. They usually dont.
The question is do you want to pay them now or maybe (huge maybe) later. If you are losing your place, I dont suggest paying anything. But know you might have to in the future.
Once you are where you are at just let it go and save all the money you can, you will need it. The HOA can foreclose on you for not paying them. But they would be behind the other foreclosure.
Personally I would keep the money. I wouldnt be paying anybody attached to the home. But as the first one said you might want to talk to an attorney. But thats my personal opinion. Do you owe the money? yeah you do. It covers your insurance roads ect.
I think its a moral question not a legal question. Pay them if you feel you should. Legally they are in 3rd or 4th position.
2007-09-28 07:51:04 · answer #1 · answered by financing_loans 6 · 1⤊ 0⤋
Why are you letting the foreclosure go through? Have you got the house on the market? HAve you suggested a short sale? Don't just give up!
After foreclosure, the bank will be selling the house at auction. They will likely get very little for it and you will be responsible for the shortfall. The same is true of the homeowners dues and any other bills YOU OWE. No, it would not be wise to not pay them. You will end up having to pay them at some time.
Take back control and try to get out of this with some of your credit intact.
2007-09-28 07:45:51 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Go ahead and stop paying them as they will be attached to the property in the form of a lien, and will be foreclosed out when your lender forecloses. If they don't attach the property, they will eventually go after the lender or owner at that time; but they can also come after you as it is a bill for services and you are responsible for them so long as you legally own the house. They will pursue you through their legal council, who, will probably send you a letter of demand, and if you don't pay then another letter, and finally it will be turned over to a collection agency. You are not in a win win situation, but you can put it off awhile, especially, if you are short of cash.
2007-09-28 07:47:45 · answer #3 · answered by H. A 4 · 0⤊ 0⤋
You should look at http://www.deangraziosi.com he has a team of students around the country who are trying to buy up all the foreclosure real estate deals. Maybe you stay in your home and pay rent there instead of going bankrupt and renting an apartment?
2007-10-01 15:44:16 · answer #4 · answered by Money Making Expert 1 · 0⤊ 0⤋
Your credit score will be in the dumpster anyways and sounds like you may need to do bankruptcy .
If you are not doing bankruptcy , the HOA bills will still be due and you will still be liable .
Does sound like you need to visit credit counseling to deal with your whole financial picture .
Doing bits and pieces on Yahoo Q&A does NOT seem smart .
>
2007-09-28 07:45:40 · answer #5 · answered by kate 7 · 0⤊ 0⤋
finally a question in my wheel living house. REO or genuine belongings Owned with the aid of the financial corporation isn't a solid investment. somewhat that banks are actually not stupid. you are able to't basically walk into the financial corporation and ask them for a itemizing of their foreclosure. even though banks are actually not in the genuine belongings business enterprise they are not going to enable their base line get definitely destroyed with the aid of basically giving those homes away. Banks will constantly employ a realtor and attempt to get retail for the valuables, which in maximum circumstances they gets fairly on the factor of diverse the time. while making an investment in foreclosure the main suitable thank you to do it is to get a itemizing of persons who're in preforeclosure or whose belongings is going up for sheriff sale (in Pennsylvania). as quickly as you have this checklist you're able to desire to get in touch with the owner and ask their permission to pass to the financial corporation and talk on their behalf. it is here the place you're able to get very solid deals on homes. you will then pass and negotiate the fee with the financial corporation. as quickly as you attain an contract with the financial corporation there are then many go out concepts you are able to keep on with. you are able to speedy turn the living house with the aid of assigning or wholesaling the settlement to a distinctive investor. or you're able to do each and every of the rehab and fix paintings youself and lease it out for a month-to-month funds pass. So while coping with foreclosure do not wait for the financial corporation to take administration of the valuables, you're able to desire to get to the contemporary occupants and that's the place the genuine revenue and exciting starts.
2016-10-20 05:43:50 · answer #6 · answered by ? 4 · 0⤊ 0⤋
2 months? Get a realtor to sell the place for you, pay off the debts, and then get an affordable apartment.
2007-09-28 07:41:26 · answer #7 · answered by stick man 6 · 0⤊ 1⤋
You should be talking to an attorney instead of yahoo answers.
2007-09-28 07:40:46 · answer #8 · answered by magiccharm 5 · 1⤊ 1⤋