I had read in the Palm Beach Post about this company and wondered if anyone has had any contact with or any useful data/input ----the company pays assns an amt of unpaid delinquent dues and then collects ----all is explained on the site
http://fcfinancialsolutions.com/index.php They do indicate w/come out to assn meeting - would this be a possibility to help all assns with "walk away" condos that are burdening the residents who are stuck paying?
Subscribe to:
Post Comments (Atom)
Hi all,
ReplyDeletePlease read the fine print on this deal, the following extract from the Web Site looks much like the "deal"
provided in FS 718, if a bank Forecloses:
.....................................
•First Choice Financial Solutions purchases delinquent assessments for an amount up to the lesser of 1% of the first mortgage amount or the last 6 months (or 12 months for HOA's) of the principal value of delinquent assessments directly from Association in exchange for an assignment of Association's lien & collection rights. (Example: assuming the condominium association has $300 monthly assessments, First Choice Financial Solutions will advance up to $1,800 ($300 x 6) for each delinquent account.
...................................
Due to the size of most mortgages in CV being $100K or much less, the Association will invariably receive 1% of the mortgage balance; which you will find to be inadequate in most cases. (At least FS 718 provides for 1% of the original mortgage amount, which is still totaly inadequate)
As always, Buyer Beware, there is no such thing as a free lunch!!
Dave Israel