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.
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 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.