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If you are unable to pay your assessments, you can sell other assets, obtain a loan or by some other means, come up with the money. Friends, family, a bank -- all are potential options.
Your condominium assessments pay for amenities, insurance, reserves contributions and utilities that you enjoy.
Your assessments are debts that you owe. Your condominium association may be able to sell your unit to satisfy your obligation: read your governing documents to determine how your board is required to proceed against owners who do not pay their assessments.
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Can you lose your mortgage free home for nonpayment of condo fee in New Hampshire?
Yes, it is possible to lose your mortgage-free home in New Hampshire for nonpayment of condo fees. Condo fees are considered a lien on the property, and if they are not paid, the association may take legal action, including foreclosing on the property. It is important to review the specific terms and conditions of your condo association to understand the potential consequences for nonpayment.
Is there a law regarding condo fees I live in a four-unit condo One of the members has not paid his condo fee for 7 months?
Yes, and the law is a local state law, plus the governing documents under which the association operates the property. Read your governing documents and follow the guidelines there to collect the past-due assessments.
Can you file for bankruptcy after the condo assn files for past due assessment fees?
Of course you can. In most states, condo fees become liens on the condo, so a secured debt. You would have to file a C. 13 and plan to pay off the arrears as a secured debt.
What does it mean if a condo association puts a lien on your condo if you haven't been able to pay your asessment fees?
As an owner, it means that your title to your unit is 'clouded' -- your title is encumbered/ not clear -- by the amount of your assessments past due and accumulating, that remain unpaid. A lien may also appear on your personal credit report if the title is in your name.
What time limit to file a lien for non payment of condo fees in Ontario?
Best practices dictate that you engage your association counsel to help you in this matter. There are different kinds of liens, and if you expect to collect past-due assessments, process and procedure can be 'everything'.Generally, there is no time limit, but allowing the non-payment situation to drag on limits the association's ability to operate, unless there is another source of income.AnswerManagement companies need to be careful about timing of registering liens for arrears. See related link.
How far back can a condo association go back to collect fees?
There is no standard. Read your governing documents to determine how far that association can reach into history for unpaid assessments. Your state law may also limit the reach. At the time of sale, all past-due assessments can be collected -- if the board has positioned its claim appropriately -- so that a new owner is not liable for unpaid assessments by a previous owner.
Can you stop paying for a part of the Condo fees?
In a word, yes. And in doing so, please acknowledge the consequences of this action, as below.Your governing documents are clear about how the association must handle unpaid assessments. When your account becomes past due, the association will send collection notices and letters. Your association can also file a lien on your title for past-due assessments, which clouds your title and shows up on your credit report.As a last resort, your association may sell your unit to collect the monies that you owe.AnswerNo. When you purchased your unit you agreed, by signing a contract (in some cases by signing your unit deed), to be bound by the provisions in the Master Deed including all the rules and regulations. If you breach that agreement you will be subject to whatever procedure is used by the unit owner's association for collections. Your debt will increase because costs, penalties, interest and legal fees may be added to the amount you owe.
How does a condo association put a lien on a member that is behind on their HOA dues?
The association works with the association's counsel to pick a style of lien and file it. An improper lien or one that is not filed properly gives the owner an out. As well, be prepared to present the attorney with evidence that the association has exhausted all other means available in order to collect the past due amounts.
In Florida do past due condominium association fees have a priority as to payment over a first mortgage holder in a foreclosure situation?
Your governing documents will make this clear. The state law may limit the number of month's past due assessments can be recovered. Your association's attorney can answer your question directly.
After the bank forecloses on a condo do you pay HOA fees in Florida?
Association assessments are paid by the owner of record. If your name remains on the deed, you owe assessments.In most cases, the homeowner or unit owner is responsible for paying the HOA fees prior to the foreclosure. Once the lender takes legal possession by foreclosure no further fees are added to the amount due but the HOA can pursue payment of the past due amount. In Florida, an HOA can go after a homeowner for past due fees even after the bank has foreclosed by using the process used for a 'deficiency judgment'.
Do you have to pay owed condominium assessments before you sell the condo that has gone into foreclosure?
Work with your broker so that you disclose the state of the title, and of your financial obligation to the association based on your ownership of the unit. Often, owners and boards -- with association counsel, can craft disclosure documents and payment arrangements so that past-due assessments can be paid from the sale proceeds.
Can a homeowner association advertise that you owe fees?
Your answer depends on the location of the association. In the orient, past-due owners' names are posted in every elevator waiting area. In USA, certain privacy laws protect your reputation as a non-payer. Read your governing documents to determine your responsibility to pay your assessments, and to learn more about the association's responsibility -- and actions they must follow -- to collect them.
