Condo Associations have the power to Collect NOW

Condo Associations have the power to Collect NOW

MORTGAGE FORECLOSURES DON’T TAKE AWAY THE ASSOCIATION’S RIGHT TO RECEIVE CONDO FEES Rhode Island Law provides powerful rights to executive boards to collect up to six months of delinquent condo fees and up to $7,500 in attorney fees and costs incurred in collection prior to the foreclosure. The highest bidder at the foreclosure must pay all post-foreclosure condo fees in a timely manner. Executive boards need to take aggressive legal action...

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Collect NOW

Collect NOW

MORTGAGE FORECLOSURES DON’T TAKE AWAY THE ASSOCIATION’S RIGHT TO RECEIVE CONDO FEES Rhode Island Law provides powerful rights to executive boards to collect up to six months of delinquent condo fees and up to $7,500 in attorney fees and costs incurred in collection prior to the foreclosure. The highest bidder at the foreclosure must pay all post-foreclosure condo fees in a timely manner. Executive boards need to take aggressive legal action...

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Collection Fees Paid by Delinquent Unit

Collection Fees Paid by Delinquent Unit

ATTORNEY FEES FOR COLLECTION ARE PAID BY THE DELINQUENT UNIT OWNER OR LENDER Rhode Island State Law provides that attorney fees and costs incurred in collection are added to the delinquent condo fee debt as part of the association’s lien. Attorney fees and costs are paid from funds collected. There are no attorney fees due unless successful. NO NEED TO GO TO COURT The use of lien and foreclosure powers means that there is no need for any...

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Delinquent Condo Fees

Delinquent Condo Fees

Condo associations are non-profit organizations. An association needs to collect all of its assessments to fund its budget. Condo fee delinquencies hurt all unit owners and present executive board members with unnecessary problems. CONDO FEE DELINQUENCIES ON THE RISE Condo fee delinquencies are on the rise in Rhode Island due to economic woes and excessive mortgage debt for many who purchased units after 2000. This combination of factors has...

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