In an article publisher by Housing Wire, "Matt Martin Real Estate Management, an asset management firm Arlington, Va., is launching an affiliate company to connect homeowner associations with mortgage servicers to reconcile unpaid HOA dues."
It goes on to outline that, in mnay cases, the liquidation of distressed proprties has been delayed due to problems with contacting the proper agency that is handling these delinquent fees. Since many HOAs transfer delinquent accounts to collection companies or attormeys, it can often be difficult to receive contact information and outstanding balances.
In my book, ANYTHING that can speed up this process is welcome. Dealing with delinquent HOA balances have been a major problem in my market in Maricopa Arizona. It is bad enough that the HOAs have decided to tack on meaningless trensfer fees in order to cash in on the boom in the sale of distressed homes, but they also seem to be in no hurry to relaese the payoff information.
This new service is cheduled to begin on August 1.