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Unpaid HOA dues keeping us from closing, what are laws in Florida regarding foreclosures/unpaid dues

We were supposed to close on DEC 30 on a foreclosure. The previous owner never paid her dues for years and when the bank took possession they would not pay for someone to cut the grass. Therefore, the HOA paid someone to cut it and keep it up. With the unpaid dues and grass cutting the total is around $7,100 dollars. HOA is saying to the bank to pay 1% of the original note, which is $2,900. The bank is saying in Florida you only have to pay for 1 year unpaid HOA, so the bank is willing to pay $600. Now, HOA will not send our approval letter to bank until bank says they will pay the $2,900. So, we are stuck until the bank pays this, I guess. Any professional advice would be much appreciated!
  • January 16 2014 - US
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Answers (2)

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  • March 13 2014
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Profile picture for Jen Wilson
The only thing I would suggest is to implore the listing agent to speak with their Asset Manager at the bank about paying the bill.  Unfortunately, an HOA can and will hold up the sale of a home as long as they can until they get their money.  As a former Asset Manager for Wells Fargo, I was always willing to pay up front in order to make a sale go through, rather than risk having to list the property again and find another buyer. While this may not be the case with all Asset Managers, or allowable any more, it doesn't hurt to try. 
Advise your realtor that you are willing to walk away from the deal if it doesn't close by a certain date, and see what happens. They may just go ahead and work out a deal in order to get the property off their books.  If not, you don't have to walk away, but at least you've tried!
  • January 16 2014
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