Top 5 Actions for HOA and Condo Boards After an Owner’s Bankruptcy Filing In 2024, over 500,000 bankruptcy cases were filed in the U.S., a 14% increase from the prior year. With 2025 expected to bring even more filings, many condominium and HOA boards are facing
Should You Update Your Condominium or HOA Lien for New Assessments? When a condominium or homeowners association (HOA) in Michigan imposes a new assessment, a common question arises: does the existing lien need to be updated to reflect the new charges? The answer depends on several
Ensuring Financial Stability: When to Initiate the Collection Process for Condominium Associations Condominium associations occupy a critical role in maintaining the economic health of community living spaces, balancing the delicate intersection of collective responsibility and individual financial obligations. Ensuring financial stability within these communities hinges on
Unlocking Success: Using Legal Representation Over Collection Agencies for Delinquent Condominium Assessments Community associations in Michigan play a crucial role in maintaining the integrity and functionality of shared living spaces. However, when faced with delinquent condominium assessments, these associations often encounter significant challenges in recovering the
Til Death Do Us Part, Or Do We?: Collecting Community Association Assessments from a Deceased Owner in Michigan The 2021 Michigan Community Association Fact Book (the “Fact Book”) compiled by the Foundation for Association Research estimates that from July 1, 2019, to July 1, 2021
A necessary component of running a functional condo association is the collection of delinquent maintenance assessments. While many condo associations can yield account resolution through a demand letter and/or recording a lien against the unit, some delinquent accounts may require the initiation of foreclosure, which
