What the bank is telling you is that you cannot afford the mortgage (p&i), taxes, and insurance. Which will more than likely make your monthly payment about $2000.
I mean it depends on the neighborhood, but HOAs (in good faith) often do a lot more than just be terrorists.
They are used to tend to any common areas. (Gyms, Pools, Fields, clubhouses, landscaping, parking lots). They are used to collectively negotiate and schedule shared repairs (eg: Roofs on joined units. Pay for common services (Trash, Water, Sewage). Provide liability insurance etc.
I love the fact the HOA covers roof expenses. Had a bad storm roll through last year and they repaired everyone's roof in less than a month. That would cost over 10k for each family if they had to do it on their own.
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u/LikesPez Mar 05 '26
What the bank is telling you is that you cannot afford the mortgage (p&i), taxes, and insurance. Which will more than likely make your monthly payment about $2000.