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Same old story … amicable divorce in the works, rowhome is worth at least $80,000 LESS than what we owe, and we’re just generally over-extended in all areas … we stopped paying the mortgage in August ‘09, and mortgage company will auction off the home on May 4, 2010.

We’re going to continue living here (for free) until mid-April, 2010. We’ve just now caught up on paying off all past-due bills EXCEPT for the HOA dues. They’re $175 a month, and I’ve been stringing them along with a pittance each month, anywhere from $30 to $100 a month, so they pretty much leave us alone.

HERE IT IS: as of right now, we owe them about $750 (which would pay us up til the end of 2009) and will rack up another $700 worth of regular monthly charges with them until the time we vacate the premises. Since we’re losing the house, and can walk away unscathed in our state … is it pointless to keep paying the HOA fees? We’ll have stiffed those bastids for $1,450 by the time it’s all over, NOT including late fees and such.

They can put a lien on the place, but so what? The mortgage company will have to deal with it? There’s been so many foreclosures in my neighborhood that I’m almost positive they won’t bother “coming after us” …

… even if they do, we need to save up some cash now to make our exodus to separate apartments in the Spring … in my book, that’s the top priority. Worst case is maybe down the road, they send a collection agency after us (by then it’ll be trumped up to $2,000 or so) and I offer to settle for pennies on the dollar … ? Credit’s already tanked, and Chapter 7 is not an option (already did that 5 years ago!).

Ethical judgments aside … what do you think?
Rowhome … we owe $230K, and identical ones now are selling for around $150K or less, and even then only after an extended period on the market. We could barely afford the $1550 monthly payments together (that does NOT include the HOA fees) so there’s no way either of us could do it as individuals …

Here is a great resource to help A Foreclosure Survival Guide
www.stopbankforeclosurestips.com/website/sales.html
Just copy and paste in your browser.