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As a Sacramento Short Sale Realtor ®, and Distressed Property Expert, I have found working with many banks over the years that it is essential that the homeowner living in a condo or neighborhood that has an HOA (homeowners Association), that the dues be kept current. Utilities also need to be on and kept current with the billing cycle if the Short Sale is to be approved.
For those living in a homeowners association, this is not something that you can chose to pay or not pay for most area associations. I say this because I did have a Short Sale homeowner this year who was $7,000 in arrears with his homeowner dues. And when I questioned him about this, he said that he didn’t wish to join and be part of the HOA. This was NOT an option but a requirement. And naturally, the bank was not going to pay back HOA dues in order to sell the house as a Short Sale.
When you as a distressed homeowner decide to go forward with a Short Sale, and ask the bank to accept less than what you owe on your mortgage, you need to pay the HOA dues and pay your utilities. Home buyers will need to have those utilities on so they can conduct their inspections prior to purchasing the house.
If you are having trouble paying your house payment, give me a call and let’s sit down and see if you qualify for a Short Sale which is much better for your credit than letting the house go to foreclosure.
Articles for Distressed Homeowners Who Can’t Pay Their Mortgage:
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