While I can tell you that there are legal consequences to not paying an HOA. Real Estate License Holders in Colorado are prohibited from giving legal advice unless they are also an Attorney. .
You may have aternatives to a foreclosure and as a Realtor certified as a Short Sale and Forclosure Resource by the National Association of Realtors I would be happy to discuss your alternatives with you.
One of those may be a short sale and I can tell you that since 2006 I have a 98% success rate negotiating short sale payoffs for my clients having had only 1 short sale negotiation fail a few years back due to the lenders unwillingness to negotiate on the property. Almost all lenders are willign to negotiate these days to some extent and while there are credit and tax issues you should discuss with your accountant, a negotiated short sale is almost always a better solution for you than a foreclosure.
Explore your alternatives before you allow yourself to suffer through a foreclosure.
Brian L. A. Wess
RealtorÂ®, Broker Owner
CRS, GRI, ABR, ASR, CSR, CNS, SFR, e-PRO
Military Relocation, Residential & Investment Specialist
Infinite Horizons Realty - Metro Brokers
Colorado Springs, CO
COLORADO REAL ESTATE...DONE RIGHT!â„¢