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What are the consequences of not paying assessment fees on my home?
Wiki User
∙ 14y ago
In any state, your assessments pay bills the association incurs for services that all owners enjoy, such as basic utilities, master insurance policy premium, property management and upkeep, maintenance and protection of your commonly owned assets.
Every association's annual budget covers unique and individual expenses particular to that community's financial requirements.
When you don't pay your assessments, you're essentially asking your neighbors to pay your bills.
Review your governing documents to remember your commitment and legal obligation to pay your assessments. As well, you can read the steps your board will take to collect this debt, including placing a lien on your title, thus clouding it.
Finally, some associations have the power to sell your unit in order to satisfy your financial obligation.
If you are financially unable to pay your assessments, meet with your board to organize a payment plan. Just like a mortgage lender or a credit card company, you and your board are financially obligated to each other.
Wiki User
∙ 14y ago
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