When the monthly budget gets tight, it is tempting to not pay your HOA bill because you may feel you will still receive the benefits of the HOA even if you don't pay your bill. The HOA will still cut the community grass and maintain the parks, etc. even if you don't personally pay your bill.
In a short sale, however, it is VERY important to keep up on your HOA payments. Why? Because many lenders refuse to pay the HOA liens on a house. Therefore, if the dues go unpaid, you may be accumulating late fees and legal fees which can add up to thousands of dollars. When a short sale is officially sold to a new buyer, there can be no liens on the property. This includes HOA liens. So, it is wise to keep up on the monthly, quarterly or semi-annual HOA dues so that you do not accrue additional fines. Because "You can pay me now, or you can pay me more later."
Want to know who is the current property management for your HOA?? Visit http://www.aznb.com and click on your community's name for the latest news.
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