Condominium associations are frequently faced with federal tax lien priorities when trying to determine whether to proceed with foreclosure of its lien.
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This article reviews some of the issues that may arise with an association member in default on their mortgage, and describes some potential options available to an association to address the issue.
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Condominium associations are solely dependent upon the collection of assessments from their members for their survival and to purchase and provide the goods and services necessary for the maintenance of the project for the benefit of its members. Thus, when a Co-owner files for bankruptcy, there is an understandable feeling that all is lost. However, that is not always the…
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Community associations are often faced with the challenge of collecting unpaid assessments from delinquent owners.
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A co-owner that withholds assessments will likely be faced with having to pay late fees, interest, legal fees and/or a lawsuit.
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It is important for the Board of Directors for the Association to continually review the Association’s receivables and aggressively pursue the collection of any delinquent accounts.
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