Non Profit Org. making sure you don't file a lien on upside-down valued properties

http://TheHomeBenefitBureau.org/

Before dealing with homeowners who stop paying the HOA dues, send them to this site.

Unfortunately, When Attorneys or Loan Modification companies take on homeowners to restructure their loan, they INSTRUCT THE HOMEOWNER TO STOP PAYING EVERYTHING (except the necessities) and this means HOA dues too!

We have been seeing many HOA companies dealing with having to file liens on properties which are upside down and in the event the house is not saved, the dues are out the window.

AVOID THIS AND MAKE SURE YOUR ASSOCIATION knows of the companies out there that can help.

Good Luck

Hello,

The reason HOA would want to avoid filing a lien on a property that is heading to foreclosure is because that is a lien that the HOA will never see money from. It would be recorded 2nd, 3rd or 4th in position on title which means that once the property goes to auction, a buyer may offer 30 cents on the dollar (typical offer in an auction) and that may only cover the 1st and maybe the 2nd liens that are filed on the property.

The HOA lien for the dues has NO CHANCE. If anything, the HOA would be spending money on following protocol and filing these lien that cost money to file & be drawn up.

I've seen HOA that take preventive steps towards avoiding these situations by offering assistance through our Non Profit and what that does is educates the homeowner which ultimately shows good faith effort from the HOA and possibly prevents dealing with the liens.

REMEMBER: most homeowners who are suffering from the economy will get solicited by all the various Loan Modification companies who will ISNTRUCT the homeowner to stop paying.

We can help with that too by education the homeowners about the benefits of keeping the dues CURRENT. Once the loan modification is approved, the HOA will expect to be current too!

We would be more than happy to provide any HOA flyers that can be inserted in the monthly statements to assist, educate & promote a HEALTHY relationship with their HOA which will ultimately help everyone!

818-344-4440

I agree, Kirk.

At least in our area liens are very inexpensive, $18 + a $7 notary fee.

I would rather have the lien, even if the house is "upside down," because many times (though granted not as much lately) people recover out of foreclosure.