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Homeowners Beware: Soon Your Late HOA Fees Could Hurt Your FICO Score
There is a Push to Make HOA Fees a Top Priority for HomeOwners
 
Currently most HOAs don't report your late payments but that might not be the case soon. FICO scores could be hit hard by those that don't pay on time.  
 
I was reading an article on Realtor.com - HOA Fees Now May Affect Credit Scores and realized how important it is for homeowners to know about possible changes coming in the future. As much as we all have a love hate relationship with our HOAs, unfortunately, they are still a financial obligation we all have. While the vast majority of HOAs do not report late payments, they do usually attach as a lien to be paid upon selling. 
 
In the future however, they might just hurt more than your sale, they might just impact your FICO which may in turn hurt the purchase of your next home. 
The article found on Realtor.com stated: "Until now, HOA payments have gone largely unreported to the national credit-reporting agencies,” says Matt Martin, chairman and founder of Sperlonga. “Our service will help elevate association payments to the same level of importance as the consumer’s other financial obligations like residential mortgages, auto loans, and credit card payments. Property owners that ... more

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