I am in exactly the same situation! 112k condo conversion I bought in Tampa. Its worth 50K or less now and only 80 of 300 units sold! The bank owns the remainder after the owners foreclosed and they are only leasing now! What did you end up doing??? I am stopping mortgage payment, but was considering tax and HOA as well as my tax is not escrowed. Have you looked into the tax penalties when the house does eventually sell at auction? Did you know that you could be liable for a deficiency that could occur? I just started researching this but I'd be interested to know if other people that foreclosed have had luck getting out of major tax issues post-foreclosure!
Let me know!!!

My condo community has reverted back to renting. Condotopia is now ghettopia. The owners had the property reassessed by the city(JAX, FL) to less than half the selling price. $100,000 is now 47,000. Short story: I can't give my condo away now. Community upkeep is steadily going down. Police calls steadily going up. I'll never be able to sell nor will I ever buy again (I'm 56 & single). I don't think it wise to drop another dime in my home and I view the mortgage (650.00) as rent control. I am thinking of no longer paying the HOA fees (135.00 monthly) to cut my loss. A lein on the property would be meaningless to me. Going to collections and foreclosure before I am ready to leave would be a problem. I'll be dead before I could sell it at a profit and do not want to burden my daughter with the problem. I have a standard 5.5, 30 yr mortgage so their is no bail out for me. Is there a better solution???

HOA Lien= Judgement = Bad Credit!

Kathy,

As previously stated, if you have an issue with your HOA it should be handled through a real estate attorney. The lack of payment will most certainly impact your credit and can result in a lien against your property. In Colorado, HOA dues take the position of a "super lien" for the most recent 6 months, so the HOA must be paid prior to any other creditors in the event that you were to default on other obligations as well.

Hi Kathy -

If I was you, I would definitely pay my HOA fees -

Yes, it will affect your credit score and
Yes, most HOAs can place a lien on your property and foreclose on your home due to lack of payment - read your HOA document and it will spell out what HOA will / can do if you don't pay the HOA fee.

If it's like previous answer where you might have disbute with HOA - there are other ways to resolve the issue rather than not paying HOA fees - get an attorney for that if you need advise....

Kathy,

Any unpaid bills can potentially impact your credit rating negatively.

I recommend that you read your HOA documents which will detail the course of actions available to the management company for non-payment of dues. You should also speak to a real estate attorney in your area for advice. Good luck.

Hello Kathy,

In my non attorney opinion, that would be the last thing I would stop paying. If you're losing your house, maybe it doesn't matter. If you're going to sell it short, then you need to keep new liens off of it. I believe you should do everything possible to pay your HOA dues. Definitely call an attorney for advice. Hopefully, I am reading more into your question then what's there. Maybe you're just having a dispute with your HOA. I wish you the best of luck.

Sandy

It depends if they report it to the credit agencies. More than likely they will just put a lien on your property.
Good Luck!
Boyenga Team

Read the HOA restrictions in full.

If you stop paying HOA does not make other families happy of lack of participation. HOA will lien your home in some instances make attempts to foreclose.

it depends on whether or not your HOA is legally incorporated. if so,and if we are talking about condo fees,the association could get a lien against your property.