HOA vs. Bank

[Matt J]

I was wondering from another thread which scenario would make more sense:

1.) Can't afford mortgage and HOA payments so stop making HOA payments.
2.) Can't afford mortgage and HOA payments so stop making mortgage payments.

In the first scenario the amounts should be lower, but the HOA can (in some cases) accelerate the dues and place a lein on the house. In the second scenario the bank can foreclose, but they don't seem to be rushing to do that lately.

Any thoughts?

 

[SHELLY]

I was wondering from another thread which scenario would make more sense:

1.) Can't afford mortgage and HOA payments so stop making HOA payments.
2.) Can't afford mortgage and HOA payments so stop making mortgage payments.

In the first scenario the amounts should be lower, but the HOA can (in some cases) accelerate the dues and place a lein on the house. In the second scenario the bank can foreclose, but they don't seem to be rushing to do that lately.

Any thoughts?

I read a few stories about folks continuing to pay HOA even when they stopped paying the mortgage--apparently to keep in the good graces of the neighbors while they were plotting their escape and waiting for the bank to make its move. As I recall, one case was a guy who crunched the numbers and said that he just didn't want to sink anymore money into his quickly depreciating house but enjoyed using the pool and golf course.

.

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[InletBchDweller]

From the subdivisions that I am involved in people are not paying either. They have a lien placed on their home/lot/condo and are pi$$ing off their fellow homeowners as well. Then, the other homeowners have to pay the price of trying to make up the budget from the lack of payments.


I sure would love to see some of those people at the homeowners meetings in October, but I doubt that I will.

 

[Joe Complete]

Some people in Watercolor who are not paying their HOA dues have got burnt since Watercolor now keeps a list of such violators and checks ID's when trying to enter the beach club. Supposedly it has helped increase collections. I find it interesting that some people aren't paying either bills and continue to rent their house. Their guests show up and are denied access to the beach club. How embarrassing is that?

 

[Miss Critter]

Some people in Watercolor who are not paying their HOA dues have got burnt since Watercolor now keeps a list of such violators and checks ID's when trying to enter the beach club. Supposedly it has helped increase collections. I find it interesting that some people aren't paying either bills and continue to rent their house. Their guests show up and are denied access to the beach club. How embarrassing is that?

Any ideas on percentage not paying? I would think experiences like that might wreak havoc with bookings next season.

 

[AAbsolute]

From the subdivisions that I am involved in people are not paying either. They have a lien placed on their home/lot/condo and are pi$$ing off their fellow homeowners as well. Then, the other homeowners have to pay the price of trying to make up the budget from the lack of payments.


I sure would love to see some of those people at the homeowners meetings in October, but I doubt that I will.

When HOA's place a lien and then pursue foreclosure I understand that they need to payoff the mortgage(s) that have priority in order to be successful in their action.

Doesn't this help the party not paying the dues and devistate the HOA members?

 

[SHELLY]

Some people in Watercolor who are not paying their HOA dues have got burnt since Watercolor now keeps a list of such violators and checks ID's when trying to enter the beach club. Supposedly it has helped increase collections. I find it interesting that some people aren't paying either bills and continue to rent their house. Their guests show up and are denied access to the beach club. How embarrassing is that?

... Geez--doesn't that suck out loud!

.

 

[Zebraspots]

Is there a community around here where the HOA isn't having trouble collecting dues? Seems like almost every one has people defaulting on a rather large scale.

 

[Miss Kitty]

Some people in Watercolor who are not paying their HOA dues have got burnt since Watercolor now keeps a list of such violators and checks ID's when trying to enter the beach club. Supposedly it has helped increase collections. I find it interesting that some people aren't paying either bills and continue to rent their house. Their guests show up and are denied access to the beach club. How embarrassing is that?

Any ideas on percentage not paying? I would think experiences like that might wreak havoc with bookings next season.

So, my question is will the rental agenices catch wind of this non payment of dues and tell these owners that they can no longer service them? I am glad to hear WC is trying to do the right thing. That is really bad PR for the owners and I can see any renter being po'ed and rightly so!!!!

 

[InletBchDweller]

When HOA's place a lien and then pursue foreclosure I understand that they need to payoff the mortgage(s) that have priority in order to be successful in their action.

Doesn't this help the party not paying the dues and devistate the HOA members?

My brain is not working correctly, (pre-hurricane prep ) I am sorry but I don't know what you are trying to say.