There is a push to get HOA dues reflected on credit reports. As of right now there is an organization that’s ready to start with some HOA’s this October.
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Go Cubs. LOL
“We Buy House”, yes that is crazy. These guys have too much time on their hands looking for the easy way. “Thank you”.
20? 40 minute lunches? what is this craziness you speak of?
I buy houses!
Oui Buy Houses!
I really appreciate the messages that you guys share 🙂 Thanks!
You should have mentioned Buick. You could always tell a Buick!
Rescind “WE BUY HOUSES”
Good fun…
Good information to share with clients. Thank you
With the deleterious effects that unpaid HOA dues cause when the Borrower defaults on a loan, I'm surprised that lenders have not demanded that HOA dues be escrowed like property taxes and insurance. A mere $500 in unpaid dues can grow like the blob with collection and attorney fees to $3,000 and more. In Nevada, HOA dues become a priority lien over and above the loan, though efforts were made to limit that lien to only 9 months' dues.
Totally rediculos. This will do nothing but increase what these professional HO companies charge for fees and the good ole boy that is the treasurer of many neighborhood associations is not qualified to report to the credit bureau. If i withhold payment because the association is not maintaining common areas, it would show slow pays on my credit report. I say no way to this!
Rescind
Every time you as a home owner do not pay your HOA bills, your neighbor is loaning you the money by paying for your share as well as his own. And if enough folks do not pay, the property values for the entire neighborhood will fall. Mortgage companies used to escrow for HOA dues and would be smart to do it again. I am the good old boy who is the treasurer and am a volunteer, not some 3rd party professional whom is hired because some folks do not pay their bills.
Many HOA's (at least in my area of Florida) use a management company to receive and record monthly dues. They are more than qualified to report the delinquencies to the credit bureaus. Most HOA dues are liens that are second only to the first mortgage. Maybe if homeowners knew that it would affect their ability to get credit to buy someplace else they wouldn't be so quick to stop paying their fees where they live. On a positive side, those who don't have a mortgage could benefit from the reporting of HOA dues since it may be their only installment line on their CB report.
Actually, this concept is not as unique as you may think. Credit reporting HOA dues has been around for some time — however there are very important differences in how you credit report HOA dues.
A simple video explains how to credit report HOA dues more properly, so HOA Boards aren’t at such risk nor burdened with inordinate record keeping.
You can see it here on YouTube: https://www.youtube.com/watch?v=Pw9dC9Wm4T0
GOD bless you,
Richard Slater