HOA Loan and Insurance Quotes

I understand that there is a 1% origination fee, payable at loan closing. Submitting this form puts me under no obligation. *


Subscribe to Blog

Your email:

Follow Us

Looking for answers?

condo association blogCan't find the answer you're looking for?  Ask your question here and we'll post it in our blog.

Browse by Topic

Condo Association Management Blog

Current Articles | RSS Feed RSS Feed

Its not worth paying my condo fees and HOA assessments anymore

Posted on Wed, Nov 11, 2009 @ 06:03 AM
  
  
  
What repercussions are there if I refuse to carry on paying hoa fees or condo association special assessments based on the fact the condo unit has lost so much value it isn't worth paying on?  What can the association do?

Tags: , , ,

COMMENTS

Wouldn't you be screwing your neighbors in the condo association who have to pay your share?

posted @ Wednesday, November 11, 2009 6:12 AM by Josh


Actually, you would be screwing yourself more than anyone, because your association can evict you faster than your mortgage company if you don't pay. Trust me, it's already happened in our condo association.

posted @ Wednesday, November 11, 2009 7:50 AM by George Spair


George is correct. The Association can foreclose and have you out in as little as 90 days. Then they can rent the place until the mortgate holder gets their day in court, which is typically 12-18 months; longer in some states. If you are thinking of bailing on the debt, do it now, give the keys to the assocation president and clean up before you leave.

posted @ Wednesday, November 11, 2009 8:05 AM by Jay Fink


Even if you are buying the patio home.HOA can still evict you.

posted @ Thursday, November 12, 2009 12:55 PM by Daphne


Your association fees are not tied into your value. If you feel that way, stop paying your mortgage. 
 
The Association fees or to maintain Common Elements shared by all the members of the Association whether it be a condo, a homeowners or a cooperative. The idea is that you share the assets and enjoy the benefits of use and in cost sharing while helping to maintain property values, since associations can often "force" maintenance (for want of a better word). This doesn't mean that it always happens, just that with the right direction, guidance and planning associations that are well maintained don't lose value. 
 
However, in this economy MANY people have lost value. Anyone that hasn't is an exception and in a very different situation.  
 
Don't be ignorant. Look at what your fees pay for (and since I don't know I will name common ones) landscaping maintenance, insurance, building maintenance, infrastructure maintenance and replacement, etc. If you don't keep those up, you lose even MORE value.

posted @ Friday, November 13, 2009 9:19 AM by Joe Schuirmann


It kills me when I hear people say that they are going to stop paying their mortgage or condo/HOA fees because their home lost value. Your car loses its value the minute you drive it off the lot- do you stop making your car payment? No. Before you say that you EXPECT your car to lose value, I say to you, who guaranteed you that your home would gain value immediately? Who guaranteed you that you home would not lose value? The signs were everywhere. The mortgage and fees were good enough for you to pay when you bought the home, but now that the market has changed and you have lost quite a bit of value, your first reaction is to bail. You made a commitment when you took out that loan. Do you stop feeding your dog when it becomes ill? No, you take care of it nurture it and stay with it for the long haul because that's what you committed to doing. Get real.

posted @ Tuesday, December 08, 2009 8:58 AM by Cathy Baumbusch


I live in a Condo Assoc. with 15 units. Recently I approached the Sec. concerning some problems with the Assoc. (lights in Parking lot left on 24/7, security doors not shuting correctly, leaks in the ceiling and lights are out in front of the main units) She said there is no money in the account to correct this stuff with. I was also told 4 to 5 unit owners are much behind in their condo fees. The same unit owners are renting their units out to other tenents that are not responsible for the condo dues. She said the Assoc put a lein on their units and sent certified mail out every 2 months to them. This is beyond 5 months for most of them. 
 
Is there anything else that can be done to recover this money for our account? Or must we wait for the owners to possibly sell, which could be never! Please help Thanks

posted @ Thursday, December 17, 2009 9:41 AM by Shirley Reuben


Your comments adverse to the question are SPECIOUS. HOAs frequently waste money that could be rebated to condo owners. All the HOA needs is a group of apathetic residents and residents who "hog" the available benefits. Example: a single resident who does not use most of the available benefits pays the same dues as a family of 5 that uses all benefits/assets of the community.

posted @ Wednesday, July 06, 2011 7:32 PM by Ted Roberts


Post Comment
Name
 *
Email
 *
Website (optional)
Comment
 *

Allowed tags: <a> link, <b> bold, <i> italics