Credit Score in 80134>Question Details

Sandra, Home Buyer in 80134

My assn. has placed a special assessment on us, my portion is 4,000. they say we have to pay it back in one year because it is an emergency sp.

Asked by Sandra, 80134 Tue Sep 29, 2009

Right not it is a hardship to pay the full amt. each month. If I pay less each month and take longer to pay (19 mos. instead of 12) will that affect my credit rating. I plan on paying the full amount just over a longer period of time. I live in CA.

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That is a crazy assesment $4000... Yes it can affect your Credit if they attach a judgment lien to your property. Usually HOA's are a little lenient when it comes to these things so long as you are making some kind of payment to them. I would call them and set up a payment plan and stick to it... If you miss a month or two they can go after you.
0 votes Thank Flag Link Thu Nov 7, 2013
This is a question for an attorney. I am sure that something can be worked out but you must let the HOA know your intentions and get them to agree to any changes in payment in writing. I don't know the laws in CA but here in CO you could be subject to a lien on your property and the HOA could foreclose if they chose to do so, if you didin't have a written agreement allowing you to take longer to pay the assessment. Don't dither call them yourself and see if you can come to an amiable agreement- if not get an attorney involved ASAP.
Good Luck
0 votes Thank Flag Link Wed Sep 30, 2009

Since it will ultimately be your HOA that takes action on any unpaid fees or assessments, your best approach may be to address this with them. You may find by speaking out that you are not in this alone and that the association may be able to make some kind of concession for hardship cases.

Best wishes
0 votes Thank Flag Link Wed Sep 30, 2009
Sandra you are a part of the Home Owners Assn. You should go to the meeting that is held and bring up extending the payments for everyone. You may find that extending the payments may cost more because they may have had to get a loan to cover repairs.
Get involved in your HOA and know what is going on. There can be a lot of things that get approved because just a few of the regulars show up at the meetings.

Remember you are one of the people that allowed a 4000.00 special assesment either through voting for it or not attending the meeting to offer a different solution.
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0 votes Thank Flag Link Wed Sep 30, 2009
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