Pay homeowner association fees to avoid foreclosure
June 22, 2009
Right now many homeowners are concerned about keeping up with their mortgage payments so they don’t risk losing their home to foreclosure.
While it is critical to pay your mortgage, some homeowner’s have another payment to make that is just as important when it comes to avoiding foreclosure: Homeowner association fees.
Homeowner associations often collect a monthly fee from residents in developments. The fee is used for the maintenance of grounds in the development. This may include lawn service, pool upkeep and maintenance as well as any other upkeep costs for amenities such as tennis courts, gyms and recreational or gathering rooms.
According to the Community Associations Institute, there are 59 million Americans who are living in neighborhoods governed by homeowner associations. Some of these associations have begun to foreclose on properties to collect delinquent association fees.
If you live in a development that is governed by a homeowner association and you are having trouble paying your fees, talk to the property manager, explain your situation and see if something can be worked out. Don’t assume that those fees are something that can be ignored when you’re financially stressed. Failure to pay those fees can be just as disastrous as falling behind on your mortgage.
And remember, if you are struggling to pay your mortgage, there is free foreclosure prevention counseling available with Advantage CCS. Our counselors are certified through the U.S. Department of Housing and Urban Development. They can help you explore government programs to help you stay in your home. They can also work directly with your lender.
Call (888) 511-2227 to schedule an appointment.
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