Solving the Foreclosure Crisis One Homeowner at a Time...

Thanks for joining us as we talk about real estate items pertaining to the Phoenix Metro Area. There are alternatives to foreclosure. Let us help you. Foreclosure should always be your last resort. For more information on how to avoid foreclosure and a list of homes for sale, please visit our site at http://www.marydrefs.com/. Need to find or sell a house?? Call us at 623-694-0354.

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Monday, May 10, 2010

Your HOA and Short Sales

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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