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?
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:
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•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.
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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