We have one property and all seems to be going well until we received info March 2014 from the current tenant that someone was trying to serve court papers to the landlord. This information got to us through our realtor/property manager. The agent and I was now brainstorming who it might be. After a few minutes i realize it maybe the HOA. when we bought, we knew but kinda of forget there is hoa fees. On the hand, we were waiting for them to contact us on how to pay the monthly dues. We never received paperwork from the Hoa until the foreclosure filing. Btw, we are absentee owners living outside of the country.
After much back and forth with their lawyers; we decided not to put up a defense and just pay with they are asking about $8500( $2200 hoa and the rest being legal fees). We offered to make one lump payment of $2000 and the rest in monthly payments.
The problem now is instead of the lawyer sending us an agreement and a schedule of payments. They have now prepared a stipulated judgement order for us to sign and return back; in the order, they are asking the court to register a judgement against us; we are not comfortable with this. We just want a "gentleman" that they can enforce instead of asking to the to record a judgement against us. I googled stipulated judgement and there seems to be a divide of what it means.
Please if anyone has experienced this type of situation, we can gladly use your help or input. We understand this this a blog community and we are not seeking any legal advice here but if there are legal experts that can offer opinions it will be greatly appreciated.
It's common, and to be expected. In the event you don't make all payments for the past due amount, the plaintiff doesn't want to dismiss this case, then have to start all over again. This is your best option since you "sort of forgot about it".
My thinking is I should not sign the stipulated order. I just want to be sure i can ask and the probability of them agreeing to this. Please understand that where I from HOA is not really part of our real estate vocabulary. I relied on a professional who didn't do their job, but I am willing to take the responsibility which is why I said "kind of ..." It goes back to what I have been reading here at BP about having the right management in place.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing