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 increased the strain on condo budgets and executive board members. Increasing, boards have had trouble paying association bills and may be tempted to draw money from reserve funds to pay operating expenses.