Homeowners may not be aware of a Florida Statute that permits Homeowner Associations and Condominium Associations to lien a property for nonpayment. No matter how small the debt owed, sometimes even a $25.00 late fee, the lien can then be foreclosed upon by the Homeowners Association or Condominium, resulting in the homeowner losing their home. And condominium and HOA’s are taking advantage of this law.
A great remedy for this debt and to avoid the foreclosure of the property, is to negotiate the debt through a SHORT SALE. In a short sale, your mortgage lender will pay the HOA/Condo Association typically the full amounts owed (up to 12 months in most instances). The buyer of the short sale most likely will pick up the balance, resulting in a complete write off of the debt. The HOA or Condominium Association agreed to cooperate with us by not foreclosing or not moving the case forward in court, in order to allow time for the short sale to close. Once the closing takes place, they get paid, the homeowner avoids the debt and a judgment. Its a win-win for all involved.
If you are behind on your Homeowner Association or Condominium dues, you have options.
Call us today to discuss how we can help you.
LAW OFFICES OF JACQUELINE A. SALCINES EMAIL US AT : J.SALCINES@SALCINESLAW.COM TELEPHONE: 305 . 669 . 5280 OFFICES LOCATED IN CORAL GABLES