After Foreclosure

After Foreclosure

If a lender has foreclosed and now owns a unit, that lender owes the association up to six months of delinquent condo fees preceding the foreclosure as well as attorney fees and costs for the association’s attorney.  The lender must also pay all condo fees on the unit after the foreclosure.  My office collects delinquent condo fees from lenders who own units on a regular basis.

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No Special Assessments

No Special Assessments

It is best for our associations to budget for expenses without imposing special assessments. In the collection process, lenders often refuse to pay special assessments.  If additional funds are needed for major condo repairs, executive boards should raise money as part of the annual budget and avoid a separate special assessment.

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Collect Delinquent Condo fees

Collect Delinquent Condo fees

We often collect delinquent condo fees from lenders which seek to pay our associations as little as possible.  Lenders often argue that they need pay no more than six months of delinquent condo fees and no late fees.  For this reason it is important for associations to forward a statement to my office for collection as soon as the debt is at least $500.00 or three months of delinquent condo fees.

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