Does anyone have any TIPS or STRATEGIES negotiating HOA Collections with an ATTORNEYS OFFICE? HELP!!! *sigh*

Hi Everyone!

 

Does anyone have experience in dealing with attorney offices collecting on behalf of a very disgruntled HOA who hasn't been paid in over 2 years?

 

The verbal total per the attorney is $8500.00. Any suggestions on what you would put on the HUD before I upload this enormous package in Equator? From my experience, BofA will not pay HOA arrearages but I'm hearing other things from CDPE fellow CDPE Members.

 

Help!

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I just got an approval for $3200 to be paid by BOA.  The outstanding balance was $3400, so it likely depends on the investor.  I think you should at least TRY to include that in your HUD and see what happens.  Obviously all they can do is say no. 

Thanks Smitty - I always super-pad my HUD. My concern in mostly negotiating the Attorney to perhaps take 30-50% of almost 10k once it closes. Someones going to come up with the rest and I don't think the buyer will. Dealing with the HOA folks is one thing but once it's the Attorney .. that's just a whole other ball of wax.

I think HOA's are tough to determine.  Mine was just a shot and thankfully it was close.  $10,000 is HEFTY.  I would make the buyer and seller aware of your projected price and let them know SOMEONE has to pay this lien off.  In the meantime, negotiate it to wherever you can get it.  If they are expecting $10,000 and you get it to $5,000, they will be thrilled.  That's usually what I do.
Put the entire amount on the HUD, meanwhile, approach the treasurer of the HOA, not the attorney.  The attorney is just doing a job, collecting attorney fees (no disrespect intended) but the HOA is responsible for the financial health of the community - the [HOA] Board can meet & vote to adjust fees - perhaps waive late fees, etc etc

I agree with Wendy, approach the HOA treasure or the president.  Ask the break down of the $8500.00 I am sure 1/3 of the $8500 is late charge or penalty.   I closed one short sale.  I asked the break down of the $8500.00.  Some charges I didn't agree with it so I approach the HOA board and request a hearing.  The board reduced some unnecessary charges.

 

Another option you can do is request the lender give you closing cost credit to buyer and ask the buyer credit that closing cost toward the HOA fee. 

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