Help For Homeowners Associations
That is according to the South Florida Business Journal to help with past due association fees and foreclosures. I think this is a great idea. “The latest developments are a legal precedent that allows associations to collect rents immediately when a landlord fails to pay association fees, and a property management company that advances loans to struggling condos with no risk attached.”
I understand we are all human and make mistakes but if you stop paying your mortgage because you are upside down, made about what happened, etc. you should still try and pay your association fees. You are already hurting your neighbor’s value by doing a short sale or foreclosure. Should you really be able to leave for more than a year for absolutely nothing? If you are able to make some sort of payment unless you lost your job I think you should but that’s just my opinion.
It also looks like someone always finds a way to make a lot of money off a bad situation but then again they are taking on a lot of risk. “For condo associations, AFS pays 80 percent of what is owed. For HOAs, it pays 100 percent. How does AFS make a profit? By collecting the statutory interest that associations are allowed to collect on delinquent fees, which is up to 18 percent, Arnold said.”