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You are here: Home » 2012 » September

TREE!

Imagine being lost in the wilderness… Walking for days, no water, no food… Eventually you pass out from exhaustion… Early the next morning the sun rises and rays of sunlight hit your face. You open your eyes slightly as you look up into the forest canopy…

That’s EXACTLY what I think of when I see this picture. But how it relates to marketing a home for sale, I have no idea!

Walk From HOA Dues?

Oh, if I had $1 for every time someone asked me, “Should I stop paying my payment on…” and then insert one or more of the following: first mortgage, second mortgage, property taxes, insurance or HOA. I don’t have room to get into all those variables this week, but I did want to address a common misunderstanding in regards to HOA dues.

If your property is subject to HOA dues, you may not be able to “walk away” from your past due dues. If you stop paying your mortgage, stop paying your property taxes and your HOA dues, and then sell your property, different things will happen to each. Usually in a foreclosure or short sale, your lender will agree to pay your property taxes through the close of escrow. Anything after close of escrow is the new buyer’s (or the bank’s) responsibility. Any accrued interest, late charges, etc. on your mortgage will also be absorbed by your lender. But what about your HOA dues? If your bank forecloses, they are responsible for the HOA dues going FORWARD from the day they take ownership. In a short sale, the new buyer is similarly responsible for the HOA dues starting the day they own it.

But what about all the back HOA dues from the time you stopped paying to the time of either foreclosure or closing on the short sale? There is a good chance that the HOA dues are a personal responsibility of yours. You’ll have to go back and read your HOA documents to see if the dues are a personal responsibility, or if they ONLY attach to the property. If you are responsible, after the property is foreclosed or sold, the HOA may be able to sue YOU for those back dues plus penalties, and they add up quickly! Now, if the HOA filed a lien against the property, that may get paid through a foreclosure or a short sale because now it DOES attach to the property. I AM NOT AN ATTORNEY. SEEK LEGAL ADVICE FOR YOUR SITUATION.

If you have questions on any other real estate topic, call me at (925) 240-MOVE (6683). To search theMLSfor free and view virtual tours of homes for sale, go to: www.SharpHomesOnline.com. Sharp Realty

GOT STICK?

Don’t bother even looking at the inside. Just rush right back to the rear yard and check out the lovely, uh, stick? Or is it a pipe? Whatever it is, it’s COOL!

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