Should I pay my Association Fees? (insurance, real estate, financial, bank)
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Long story short, we can't make our payments on our condo in Panama City Beach, Florida. Major job, health and other financial problems have knocked us off our feet. We are the classic example of real estate idiots who should have never gotten involved in this. Luckily, it is not our primary residence. We live in Buffalo, NY, but everyone just HAS to retire to Florida right? So anyway our backs are up against the wall. We are three months behind in mortgage and our Condo Fees are due. We want the bank to either forclose or deed in lieu of forclosure. We have been trying to do a short sale, but no takers. Should we pay our condo fees? It is a hardship, but we could do it. Please help. We could use some advice.
Why would you take advice from anyone here regarding your payments? Ultimately you have to decide . You are in a touch position and clearly I am in no place to give advice.....Everyone else ....carry on
If you don't pay your association fees then the Condo Association can file a lien against your condo, which will make a short sell on your condo that much more difficult as you're not only dealing with the primary mortgage of your condo getting on board with accepting less, if you have a second then you need to deal with them, plus on top of that you'll have the condo association lien to contend with...in many cases with all of that against your condo you'll have a very difficult time and many if not all of the buyers will not touch your condo with a 10 foot pole..You're going to have to try and minimize the damage, start consulting with some mortgage counselors and talk to your condo board to see what you can do..the more you actively take control of the situation, rather than just walk away, the better off you'll be.
No one can really answer your question for you......if your health and safety will be at risk, chose health and safety first. Are you going to be skipping a medication you need to make these payments? Will you lose the insurance on your auto? Do you see what I am getting at?
If the home is going down in FC, the condo fees will just be another lien in the process. But no one here is going to encourage you not to pay an obligation, so your question is not entirely fair.
It's obviously bothering you walking out on something you agreed to pay, otherwise you would never have posted here. My vote is to pay what you can without putting yourself in jeopardy.
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