Hi I’m Matt Fetick with SoldByShortSale.com, Philadelphia’s leading short sale specialist. I want to welcome you to my website and thank you for visiting my video blog.

One thing I would like to discuss today is your past due HOA or condo fees. A lot of people call and tell us that they haven’t been able to make their mortgage payment and because of this, they also haven’t paid their HOA or condo fees and would like to know what’s going to happen with that.

As part of the short sale settlement process, we are going to ask your lender to pay that as part of your short sale. When we get an offer on your property, we’re going to send your bank the offer with all the different charges, including realtor commissions, transferred taxes, unpaid property taxes and unpaid HOA or condo fees. Then we send in the settlement offer telling them if they accept the offer and pay all the fees, this is what their minimum net proceeds will be; after that the bank will choose what to do.

Here’s why they will pay it: in the Philadelphia area, past due HOA and condo fees are a first lien priority. That means that the sheriff’s office would be paying back unpaid HOA and condo fees before paying off any principal on home loans. Therefore, lien holders are generally cooperative and willing to help out so that they can make the most money and get those fees removed.

If you have past due HOA or condo fees, want to do a short sale and are curious as to what your alternatives are, get in touch with us. We would be happy to share with you all the details of what we can do with past due HOA fees. Please check out our website, SoldByShortSale.com or click for more information and we’ll give you a call. You can also call us directly to set up your free, no obligation, confidential consultation. We anticipate helping you out with your particular situation and telling you about the advantages of a short sale.

For more information on short sales and how to avoid foreclosure, visit the Sold By Short Sale blog or you can also contact the Matt Fetick team and get started today.