Meir Aloni & Team
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
RECS (Real Estate Cyberspace Society)
Successfully selling Broward County since 1986!
Direct phone# 954-338-5220 http://www.WeSellBroward.com
All Star Realty Inc.
The answer is yes. You still need to pay your HOA dues if your home is in foreclosure. The foreclosure will not eliminate the HOA dues and they will come after you later with interest included and also have the right to file a lien and put it on your credit report. some HOA's include heat and water. You could come home one night with no power, heat or water. Yuck!!
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
Before the sale of property (transfer of ownership), liens will be addressed and paid by bank. However, tax & IRS liens are a different story & you should speak to a CPA or Attorney about those.
Bottom line, if HOA doesn't have their lien filed on your property, the HOA can go after you like a debt collector.
Contact me directly for any questions...I was a former Bank REO / Shortsale Asset Manager representing Chase, Bear Stearns, & HomEq.
Realtor, Home Real Estate
I'm a firm believer in short sales - this will not damage your credit nearly as much as a foreclosure. Also with a short sale, you can negotiate with the bank for "payment in full" so that the bank does not come after you for the loss. Long term it is a much better strategy to do a short sale - although you are probably frustrated and just want to throw in the towel.
Let me know if you would like to discuss your options.
Your question raises the "distressed debtor" analysis. The distressed debtor has a different set of priorities than the long term homeowner. The distressed debtor may be more concerned with keeping their family safe than the HOA.