1) well off relatives
2) get a second job
3) disconnect any cable or high speed internet and use to pay off loan.
4) 2nd mortgage or equity loan
on your unit.
5) Your local payday loan joint.
6) negotiate a loan with ursurous interest with your HOA.
7) Large cash advance from your credit card provider.
8) Think outside the box man, there is no specialized loan for this.
Nobody would issue you a loan that I know of, unless you debt is less than the value of your unit. contact you lenders of you unit.. Or as we have done here, make an agreement with your board of extra with your regular due payment! However if it is a very large debt.. No idea..........
If you believe that you will require a loan to pay delinquent fees I suspect that you have some real financial challenges.
I concur with John Mastro suggestions.
Should you not choose any of John's suggestions and if you hear someone knocking on your door, it could be the sheriff posting a foreclosure notice. Better plan for a larger loan to pay for the attorney fees if you want to get out of that one.
In the long run you could lose your unit due to the association foreclosing to recoup the association dues, so why not consider selling, or an equity loan, or those other suggestions. Seriously, buy no meat, do not eat out, get another job, get rid of expensive cell phone, data plans, tv cable high speed internet, sell your expensive car and buy a 10 year old depreciated car, .... read and live "Living Well on Less.
How much are your arrearages? That might help in giving you an answer as well as telling us all exactly how far your association let this go.
As an HOA Coordinator, I see people that try to continue living here and absolutely cannot afford the HOA fees. Sometimes you have to face reality and realize that you just don't have the income to support living in an HOA community, especially if the fees are high. If that is not the case, then I suggest that you meet with the Board and let them know your intent to pay, but you are struggling right now. They may have something to offer, such as working in the community to work off debt or a possible write-off to help you get back on track. You never know until you meet with them. Understand me now, they will not want to help you if you never talk to them.
It would help to have some context - how much $ are you talking about?
If it's enough that you feel you need a loan to pay it off, I would imagine that your HOA has, at the very least, placed a lien on your unit and has possibly begun foreclosure proceedings. Could you give us a little more info?
You may be able to negotiate a payment plan with your HOA - I'm a property manager and we occasionally do this with people who are behind on their payments. Generally we won't do a payment plan for more than a year (and the lien stays in place until the debt is paid off!).
If you have a mortgage, you may want to talk to your mortgage holder. They may be willing to "loan" you the money to pay your back dues. They have a significant interest and investment in your unit (assuming you have a mortgage) and they may be willing to loan you the money to prevent your unit from going into foreclosure. Of course, they won't likely be open to this if you're also behind on your mortgage payments.
Thanks merge for mentioning a payment plan. That is one of our first options here.
Also, I never thought of having a homeowner ask the mortgage lender. That is very smart. Thanks for sharing.
I'm assuming that you are calling your monthly Condominium payment a fee. If your arrears are so large that you must be considering a loan some of the advice given above is very approproate. As treasurer of our thirty unit condominium I would have placed a lien after three months and a not9ice of foreclosure after six months.
As regards the HOA fees you do not say how far behind you are.But you could meet with the president of the association and work out a plan. This problem could cost you your unit. Maybe there is work you can do to get caught up on the fees.They have to be paid somehow.Some years ago an owner here was $5000 behind on his fees and he lost his unit. It was unfortunate indeed. If you have really bad financial problems you may need to file a Chapter 7. At any rate you need to talk to someone. I hope it works out okay for you.
How far are you behind? Call your mortgage company. There are programs available if your delinquent fees are at the point where you may face foreclosure. Your mortgage company may pay your account current especially if your mortgage is current and tack it on to the end of your loan. If you are facing a hardship you may try to get a modification. Ask your HOA if they will suspend your late fees and work out a pay agreement you. We have been very successful working with owners and have avoided foreclosure which hurts the remaining owners more that the unit with problems. You have to sign a pay agreement and then keep it. You don't want to get into a situation where they seek a judgment against you then garnish your wages. Even if you file bankruptcy, you are still responsible for the post petition fees from the day you filed until the unit is out of your name.
Write down all your expenses and and the amount of income you have. If you cannot pay your expenses and assessments out of your income and still live confortably, perhaps you should sale. If you can afford it, talk to the board and go for a loan, maybe bill consolidation will be an answer as long as you do not charge anything else. Also, consider the future--What if a situation comes up again and you get behind. Is this the type of situation you want to get caught in again? Will your associationb allow you to have someone move in and share expenses? Before doing anything, write down all your options and talk to the board. Telling them after the fact just adds more expense to you.Perhaps they could tag so many $ a month just for the repayment while you continue you regarlar payments. Good luck. randi