Hoa Foreclosures
Should I pay HOA dues in a foreclosure?
Without going into too much trouble of why I’m in a financial hardship, I basically won’t be able to afford my mortgage anymore. However, I would be able to pay off the HOA every month which is less that $200. Should I continue to pay that off? Ethically, I probably should. But I need to save to rent a home afterwards. Will my credit be any different with another few late notices from HOA fees on top of a foreclosure?
Yes, morally, you should keep making those payments. But what would be the consequences if you didn’t pay them?
The HOA might try to send you a few collection letters, but you’ll be in the foreclosure process anyway, so there’s little reason for them to expect they’ll get paid.
They could try suing you for the few hundred dollars, but would it be worth their time to hire attorneys to get a judgment against you of such a small amount? Probably not.
If they got the judgment, though, they could try putting a lien on the property. Of course, that probably wouldn’t do much good if the house is in foreclosure because they would only be paid after the first mortgage, making it unlikely they’d get anything from the lien.
So, all in all, it would probably be a big waste of time if they tried going after you for the HOA fees. Especially if you moved after the foreclosure and didn’t leave a forwarding address, they wouldn’t be able to find you to go after the collection efforts.
The HOA doesn’t report to the credit agencies, unless they got the judgment against you. And with all the late mortgage payments, your credit will already be very poor just after the foreclosure.
Hope that heps.
ForeclosureFish
HOA Foreclosures Up Amid Recession
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