I cannot sell my town home because my HOA could not get the property re-certified what should I do?

I am in the process of buying a new home and would like to get out of the town home I’m currently buying but the property is not selling. HOA has no money to keep the property up but I’m paying them monthly HOA dues. I do not want to rent it out, the property in going down, drugs and up keeps, need to get out of the mortgage. Is there anyway to get out of my mortgage since the property is going down hill

5 thoughts on “I cannot sell my town home because my HOA could not get the property re-certified what should I do?

  1. golferwhoworks

    meeting of the owners to fire the HOA and replace it after a complete audit of where these funds went and why no up keep

  2. glenn

    The company that allowed you to borrow money to buy this place would not have profited if things went well. They do not expect to suffer if things go bad. They simply want their money back as agreed.

    The HOA is not doing their job and you have a right to expect that they will. You could attempt to take legal action. That could be a simple as organizing the homeowners to take things over. Or it could be much more difficult.

    If you stop making payments the mortgage company will take the property away from you and probably place personal liens for shortages to go against any other assets you have. Your credit would be ruined.

    You will have to dig your way out of this before you can move on.

  3. loanmasterone

    There are several things you might do and none are in your favor.

    You might stop making the current monthly mortgage payments. If you do this the mortgage company will then take the necessary action to get as much of their loan balance as possible. This will cause a foreclosure executed by your mortgage company and will have an adverse credit rating for several years on your credit report.

    You might apply through your lender for a deed-in-lieu of foreclosure, again this would be an adverse affect on your credit report for several years.

    You could apply to your lender for a short sale, again this would cause an adverse affect on your credit report as your credit report would indicate a settlement of less than full price.

    If you decide to purchase a property prior to selling your condo your current monthly mortgage would be added as a debt along with any other debts you would have on your credit report. This would affect your ratios.

    Since you would not be selling your current residence your new residence would be considered a second home, thus the interest rates would be a little higher.

    There are certain tax implications with the purchase of this new home.

    For all tax and legal matters you should contact your tax consultant and attorney.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

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