Failing to pay HOA fees can now harm your credit score

Sperlonga Data & Analytics will report homeowner association payment information to Equifax Key Takeaways Homeowners who fail to pay their HOA dues in a timely manner are now also risking their credit score, just as they would with a late mortgage payment. Sperlonga Data & Analytics agreed to become the first company to furnish homeowner association payment and account status information to Equifax, one of the three largest credit bureaus. While the percent of available credit and your on-time payment history are the two of the most important factors, the partnership between Sperlonga and Equifax joins a number of other surprising things that can affect your score. When you look outside and see maintenance diligently shoveling when it’s below zero or expertly manicuring the lawn that you barely have time to mow, you might thank your lucky stars for that homeowners’ association (HOA). Whatever a housing community’s perks may be, paying dues to the HOA can be well worth the manual labor saved and peace of mind. CK TO TWEET But the accompanying costs, which can range from a couple hundred dollars to more than $1,000, weigh heavy on the checkbook and sometimes impose strict rules and seemingly arbitrary fines — whether it’s for pouring mulch of the wrong color shade or “planting an unauthorized flower.” It doesn’t take much for the blessed HOA to join your hit list. In the past, those who defaulted on their HOA fees — in protest or because they found themselves financially strapped — might face eventual foreclosure, liens, garnishee wages, cut-off utilities or a friendly visit from the collection agency. Now, for the first time, homeowners who fail to pay their HOA dues in a timely manner are also risking their credit score, just as they would with a late mortgage payment. Sperlonga Data & Analytics partners with Equifax This month, Sperlonga Data & Analytics, a data aggregation business for alternative credit data sources, agreed to become the first company to furnish homeowner association (HOA) payment and account status information to Equifax Inc., one of the three largest credit bureaus. “Until now, HOA payments have gone largely unreported to the national credit reporting agencies,”said Matt Martin, chairman and founder of Sperlonga.O TWEET “Our service will help elevate association payments to the same level of importance as the consumer’s other financial obligations like residential mortgages, auto loans and credit card payment.” Martin added that property owners who are never late on their payments should start to see a positive impact on their credit reports, the same way they would with other traditional payment histories. “Associations and property management companies should begin to see reduced delinquencies and improved cash flow. Our goal is to empower homeowner associations and management companies with the same credit reporting tool that banks and lenders already use to manage consumer debt and credit-related payments,” he said. The Irvine, California-based Sperlonga was founded in 2011 with the goal of providing tech solutions to HOAs and the residential mortgage industry to help stakeholders mitigate loss and increase cash flow. Alternative sources of credit data The strength of your credit score can significantly impact buyers’ ability to obtain a home loan and the quality of that loan. While the percent of available credit and your on-time payment history are the two of the most important factors, the partnership between Sperlonga Data & Analytics and Equifax joins a number of other surprising things that can affect your score, including: utility and cable bill payments late library books renting a car divorce closing an account holding credit cards but not having any loans “Equifax is committed to providing consumers with additional means for building their credit histories. Introducing new sources of data beyond what has traditionally been found on credit files can provide additional insight into a consumer’s financial behavior and help deliver expanded credit access,” saidMike Gardner, senior vice president and sales leader at Equifax. Articale by- Timothy Palmer Director of Sales - Southwest at Sperlonga Data & Analytics

Artificial turf

A bill allowing residents of homeowners associations to install artificial turf without fear of fines was approved unanimously this week by the Senate Judiciary Committee.
The measure by Assemblywoman Lorena Gonzalez, D-San Diego, was overwhelmingly approved in the Assembly in May and subsequently had been endorsed by another Senate panel. Assembly Bill 349 is now headed to the full Senate for a vote.
“We face a very real water shortage that challenges many of our old habits, and there’s nothing fake about our responsibility to find ways to conserve wherever we can,” Gonzalez said in a release. “All Californians have tough benchmarks for reducing their water use, and it’s our job to make sure homeowners have every opportunity to achieve the conservation we need.”
Many HOAs in the state prohibit fake grass on front lawns, and threaten residents with fines if they break the rules. Gonzalez's bill would eliminate that HOA authority.
The bill expands on existing protections from HOAs after AB 2104, also authored by Gonzalez, was signed into law last year. The 2014 bill eliminated loopholes HOAs used to prevent homeowners from utilizing low water-using plants when replacing existing lawns, leaving homeowners interested in lowering their water usage unable to explore additional options for conserving water amid the fourth year of drought.
In a release, Gonzalez noted that the San Diego County Water Authority says landscape irrigation can account for more than one-half of the average household’s water use. Because residential water use as a whole makes up 35 percent of water use in California, and because more than one-quarter of the state’s entire housing stock are located in common-interest developments (which are typically governed by HOAs), Gonzalez said AB 349 is a key piece to achieving the state’s conservation goals.
Source San Diego Union Tribune
michael.smolens@sduniontribune.com

The California Condo King

Jason M. Gokei 

Studios to Luxury Town Homes

the Valleys to the Sea

#1 in Service #1 in Sales

Proudly Since 1989

Cal BRE#01095384

951.818.9601

Sold@TheCaliforniaCondoKing.com

www.TheCaliforniaCondoKing.com

#thecaliforniacondoking #californiacondos #condolistings #condosales #condominiums

#townhomes #townhouses #studios #lofts #patiohomes #waterfrontliving #countryclubliving 

#golfcoursecondos #highrisehomes #hoa #mls #realtor

Pre Listing Prep

Always have a Professional Home Inspection on any property
You are purchasing,regardless of the Age or Condition.
I recommend using Professional Inspectors Who are Licensed Contractors
and Members of A.S.H.I.and orN.A.H.I.,
As well I advise prospective Sellers to order A Home Inspection in advance
of selling, so You know potential issues in advance...

The California Condo King

Jason M. Gokei 

Studios to Luxury Town Homes

the Valleys to the Sea

#1 in Service #1 in Sales

Proudly Since 1989

Cal BRE#01095384

951.818.9601

Sold@TheCaliforniaCondoKing.com

www.TheCaliforniaCondoKing.com

#thecaliforniacondoking

#californiacondos

#condolistings 

#condosales 

#condominiums

#townhomes 

#townhouses 

#studios

#lofts 

#patiohomes 

#waterfrontliving 

#countryclubliving 

#golfcoursecondos

#highrisehomes 

#hoa 

#mls 

#realtor

What are CC&R's

“The Declaration of Covenants, Conditions and Restrictions (often referred to as “CC&Rs”)

(a) Contents of CC&Rs

CC&Rs describe the rights and obligations of the homeowners’ association and of each owner. CC&Rs vary widely in content and length, but at a minimum the CC&Rs must contain a legal description of the development, a statement of the type of common interest development it is, the name of the association and any” “use restrictions, typically including common area use restrictions, pet regulations, and alteration controls. The CC&Rs may contain other matters such as the following: (1) the boundaries of the common area and of each unit or lot; (2) the maintenance responsibilities of the association and the individual owners; (3) the allocation of association operating costs among the owners, and the mechanism for collecting owner payments; (4) the dispute resolution procedure; (5) the enforcement powers; and (6) the rights and protections of mortgage lenders.”

“If a development is located in a “airport influence area” or within the jurisdiction of the San Francisco Bay Conservation and Development Commission, the CC&Rs must contain a notice specified by statute. See Civil Code §§ 4255.”

 This is not intended as legal advice, if you require legal advice, please contact an attorney.

The California Condo King

Jason M. Gokei 

Studios to Luxury Town Homes

the Valleys to the Sea

#1 in Service #1 in Sales

Proudly Since 1989

Cal BRE#01095384

951.818.9601

Sold@TheCaliforniaCondoKing.com

www.TheCaliforniaCondoKing.com

#thecaliforniacondoking

#californiacondos

#condolistings 

#condosales 

#condominiums

#townhomes 

#townhouses 

#studios

#lofts 

#patiohomes 

#waterfrontliving 

#countryclubliving 

#golfcoursecondos

#highrisehomes 

#hoa 

#mls 

#realtor

Condo Market Trends

Are you up to date with the current value of your Condo?
Southern California Condominium market has been rapidly changing!
If you would Like a FREE NO Obligation Evaluation of your Condo.
Contact me anytime and I will be Happy to take care of you.

The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
The Valleys to the Sea
#1 in Service #1 in Sales Proudly Since 1989
Cal BRE#01095384 951.818.9601
Sold@TheCaliforniaCondoKing.com
www.TheCalifirniaCondoKing.com
 #thecaliforniacondoking #californiacondos #condolistings #condosales #condominiums #townhomes #townhouses #studios #lofts #patiohomes #waterfrontliving #countryclubliving #golfcoursecondos #highrisehomes #hoa #mls #realtor

Cutting Down Trees Splits Neighbors at Scripps Ranch

Cutting Down Trees Splits Neighbors:
A decision to cut down more than 50 eucalyptus trees at a Scripps Ranch condominium complex has Split neighbors.
The trees were to be cut by week’s end at the request of the homeowners association at The Grove condominiums after some fell and damaged homes during recent rains.
Some in the 146-unit complex say the association’s board of directors is exaggerating the threat and rushed to a decision without getting more comment from residents. They have demonstrated and posted signs on trees that say “Please don’t kill me!!!”
Carla Ponce, a spokeswoman for the complex’s property manager, said 57 trees were targeted for immediate removal because they were “too close to homes.” An additional 149 have been marked for monitoring, she said, and probly will be removed in the future. Melaluca and tristania trees will be planted in place of the removed trees, Ponce said.
In December a tree fell into a home in the neighborhood, damaging the garage and living room. Later, more toppled trees damaged the back decks of four homes, Ponce said. On Feb. 2 the board held an emergency meeting and voted 5-0 to remove trees that posed the most danger, acting on the advice of an insurance carrier, lawyer, on-site contractor and tree-removal professionals, Ponce said.
Hamilton said residents were not able to register their concerns until the regular monthly association meeting last week. By then it was too late to stop the cutting.
Elsewhere in Scripps Ranch, the city this month began cutting selected eucalyptus trees for fire safety reasons. The city began cutting early last year but stopped because of community concerns and is now focusing on removing dead and dying trees at a test site on the northeast corner of Pomerado and Willow Creek roads, said San Diego Fire Marshal Frankie Murphy.
Will Lofft, president of Save Our Scripps Ranch Trees, said his group is supporting the opponents of the cutting, but it is limited in what it can do because the trees are on private property.
Hamilton said her group will continue the fight.
Those trees were were planted by the Scripps family over 100 years ago.


The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
Contact me Now for your FREE NO OBLIGATION property analysis on your California Condo.
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com

Your HOA Board

Condo Owners Be heard!
join your association board and be active, it`s your right and your obligation.
if you don't have the time or desire to be a member, at least attend your board meeting when ever possible.
Owner involvement make for quality communities..

The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
Contact me Now for your FREE NO OBLIGATION property analysis on your California Condo.
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com