Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Knoxville Short Sale Question: Should I Still Pay My HOA Fees?

billsIn our Ask the Expert Section, we recently received the following question from Stephanie, she asks, "My husband and I have decided to do a short sale on our Knoxville home. We stopped making our payments awhile back  because we both suffered job loss and were swamped from medical bills from my husband's recent surgery. Our Knoxville neighborhood has a month homeowner's association fee and were unsure if we should continue paying those as well. If we are doing a short sale on our home, should we continue to pay our homeowner's association fees?" Short sales are complicated transactions. While lenders are willing to pay for seller's closing costs, real estate commissions, and delinquent property taxes, they are not always willing to help with delinquent homeowner's association fees. If you are able to continue making you payments on your homeowner's association dues, generally it is best to continue doing so. By staying current on your homeowner's association dues, it will allow your short sale negotiation to go even smoother, as it will be one less thing that will have to be negotiated with your lender. In addition, some homeowner's associations are able to place a lien on your property for your delinquent dues. While delinquent homeowner's association dues will not make it impossible to do a short sale on your home, it can make the process more difficult. Bottom line: If you can continue to make the payment, its best you do. It will be one less thing you have to worry about during the short sale process. I’ve assisted many Knoxville homeowners explore their alternatives to avoid foreclosure and negotiated many successful Knoxville short sales. Please let me know if there anyway that I can assist you. I’d be more than happy to sit down with you and explore you options to avoid foreclosure on you Knoxville home. All of my services are done at no cost to you. You can give me a call at 865-696-9002 or send an email to [email protected].

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