Pay Your Florida HOA Dues Before a Short Sale
Alma Korshak, owner and operator of Short Sale Facilitators of Florida in Casselberry, talks about the importance of paying homeowner association (HOA) dues before the short sale. To watch the video on this very topic, visit
Short Sale Facilitators YouTube Channel to see the video called, “Pay Your Florida HOA Dues Before a Short Sale.”
Several Hundred Go to Several Thousand
If you don’t pay the HOA dues when they’re only several hundred dollars and the overdue fees got to the attorney for the HOA, you will very quickly see them go into several thousand dollars due.
This may not seem like your problem because you’re getting rid of the house, you don’t have the money, you’re already scraping for funds. Find the money! Find it and pay the fees now!
If you don’t you’ll find out that instead of trying to find several hundred dollars, you’ll be forced to find several thousand dollars before the short sale closes. You will very likely end up paying, either through a loan, or having to get the actual money to the HOA to pay those overdue fees.
You WILL Have to Pay HOA Fees in the End
There is little to no way out of HOA fees and it makes it very difficult to negotiate.
Most homeowners associations have an attorney on staff or an attorney that they hire to handle accounts that are delinquent. Once that account, your account,goes to an attorney to handle–in my experience–I see the HOA dues go from you owing two or three or five hundred dollars, to owing two thousand dollars.
Estoppel Letters Will Cost Several Hundred Dollars
And on top of that, every time we have to order an estoppel payoff letter to see what your homeowner association fees are, they charge you. It can be anywhere from two hundred dollars, two hundred and fifty. Some of them you can’t even order an estoppel letter because you do have to pay and those are more charges that are added on and the lender has now has really, the servicer of your loan, investor is very strict now. It’s not like maybe five years ago or six years ago when they would pick up all of the HOA dues that were delinquent.
Lenders, Investors Only Have to Pay One Percent
Now they know the laws the statutes here in Florida and what they do is they know your lender, servicer, investor only has to pay six months of delinquent dues or one percent of what your delinquent HOA dues are.
So that’s why I strongly advise all of my clients, once I do get the short sale into my office to please, whatever you do. I understand, you’re under hardship, you’re no longer able to pay your mortgage. But if you are in a community where there is a homeowners association, I really do strongly advise that you do keep up with those because it makes the negotiations of your short sale a lot more difficult when it comes to negotiating with the homeowners association and the law firm. Whoever, well you wouldn’t deal with the homeowners association anymore, you would actually then be dealing with the law firm that is handling your delinquent HOA dues. And it definitely makes it a lot harder and harder for me to negotiate with your investor to agree to pay the delinquent dues.
Thank you for reading, I’m Alma Korshak, with Short Sale Facilitators of Florida. To make an appointment to discuss your home mortgage challenges and the possibility of a short sale please call the office 321-397-5505 or e-mail me at firstname.lastname@example.org Or we can meet in-person at our offices located in Casselberry at 950 S. Winter Park Dr., Casselberry, Florida.