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Updated almost 9 years ago,
Second home loan right after a Lien release?
Hello All,
I am pretty new to the REI world and am looking into my first rental property. However, I am a bit concerned because I am working with my lender currently to get pre qualified for a loan, and am in the process of getting him all of my statements necessary for the pre qualification process etc. One of the things he asked for was HOA statements.
I recently had a bit of a mishap with my HOA on my primary residence. I attempted to set up an automatic withdraw for the HOA fees to be taken out of my bank account on a monthly basis. However, for one reason or another it did not take. I failed to pay attention to whether or not the money was actually being withdrawn and once I noticed I owed $1800. The management company via county clerk then placed a Lien on my condo.
Long story short I have payed the debt in full and I received notice that the Lien will be released with in the next few days.
so my question is:
Will that record on my HOA statements seriously affect my ability to get a loan? Again, the lien has now been paid off in full and my account is current. Of course I will not make the same mistake again either.
Thank you all in advance for taking the time to share your knowledge!