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Own condo, but can't make assessment payments. What can the HOA do?

Posted on Sun, Oct 19, 2014 @ 07:00 AM
  
  
  
  
condo assessment fees past due

What if I own my condo free and clear, but can't pay my condo assessment fees. If I fall behind, say 8-12 months, how can the HOA collect the assessments? I live in Illinois.

11 Comments Click here to read/write comments

How can condo association deferred maintenance accounts be used?

Posted on Tue, Oct 14, 2014 @ 08:09 AM
  
  
  
  
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What exactly can condo association deferred maintenance and unallocated interest accounts be used for? I've always understood that these 2 accounts can be used for any reserve spending, such as elevator upgrade, painting, carpeting, roofing, paving, etc.

5 Comments Click here to read/write comments

Should homeowners be responsible for additional HOA assessment fees?

Posted on Thu, Oct 02, 2014 @ 09:16 AM
  
  
  
  
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I'm living in a two bedroom condo. The condo association raised the maintenance fees a few months ago. Now they want all of the owners to pay assessment fees for fixing the roof and parking lot. Should the homeowners be responsible for that fee?

7 Comments Click here to read/write comments

Dues collector too aggressive for condo association owners

Posted on Tue, Sep 02, 2014 @ 06:51 AM
  
  
  
  
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We have a special assistant to the treasure going and "collecting" dues the day after from other Condo Association Members. She is demanding payment and intimidates older owners into paying, and the board won't tell her to stop. Is this discrimination?

9 Comments Click here to read/write comments

Condo seller discloses pending association lawsuit to buyer

Posted on Tue, Aug 26, 2014 @ 04:53 AM
  
  
  
  

I recently purchased a condo in Florida and the seller disclosed a pending lawsuit. I requested all information/documentation concerning the lawsuit and was told by his real estate agent the lawsuit was finalized and there was a $300.00 assessment that he would pay. After I closed I learned at the 1st HOA meeting the judgment was for $600,000 and each owner may be assessed 6K but the BOD decided to file bankruptcy and appeal the decision. Also, I was not made aware of a MOA or MOA dues but found out at the meeting MOA dues were suspended/stopped during the lawsuit but BOD are discussing reinstating them at $200.00 per month. Should I seek legal action against seller, seller's real estate agent, my real estate agent?

11 Comments Click here to read/write comments

How is simple interest calculated on condo fees and late charges?

Posted on Mon, Jul 07, 2014 @ 07:04 AM
  
  
  
  

I am an owner in a condominium association that is self-managed. I have agreed to help the Board of Directors with a spreadsheet that will track dues, payments, late charges and interest charges. The attorney for the association says that a simple interest calculation should be used instead of a compounding calculation. I am a software developer and have programmed both simple and compound interest for mortgages, etc., but I am not sure of how simple interest is calculated on dues and late charges. Can anyone help me with a specific step-by-step procedure?

7 Comments Click here to read/write comments

Condo association arbitrarily raises the condo fee on owners

Posted on Wed, Jun 11, 2014 @ 12:06 PM
  
  
  
  

My Husband and I bought our condo last June and always have been in full compliance with the rules and regulations and always pay our dues and special assessments on time. Recently, I got a job out of town and we had to move. So, we have rented out our unit. Our by-laws have NO restrictions on renting. We have included in our lease that the tenant must obey all rules and regulations and the CC&Rs. We have a small condominium. There are also no requirements that we have to notify the Board or the Association that we have moved and are now renting.

One of the reasons we bought the condo was because it was a great deal and perfect for us, we knew one day, also, that we would use it as a rental income property. We never imagined and still never imagine that we will sell our condo. However, we just received a letter from the condo management company that we $300 in move in/out fees, which we received on June 2, and which is due on the 15th. I called and said that the due date is quite short and unconscionable, and we negotiated to have it moved to the end of the month. Second, I asked when these dues were voted on. I was emailed a copy of meeting minutes from a Board of Directors meeting back in December 13. Only two (out of 3) of the directors were in attendance of this meeting. The minutes are completely void of any factual basis for the imposition of $150 for move-out fee and $150 for move-in fee, in addition the minutes provide that if there is damage during the move-in/out then they could assess additional fines. I am perfectly happy to pay for any damage either my Husband or I cause or our tenant. I also do not have an issue with paying move-in/out fees.

My question and issue is that the board of directors voted on this fee, which is NOT a special assessment. To me, charging a move-in/out fee is a fundamental change in the CC&R's and By-laws and not within the authority of the board of directors to arbitrarily impose. Most of the folks living in our condo have been there since it was a condo (1979) and a few younger couples have moved in recently, myself included. It seems that the board of directors is imposing this to be stingy and anti-renter, which I understand to an extent. Since moving in, only one other unit has had a renter, and she has been there for years from what I know. My renter currently has signed a 12-month lease and I did a very thorough investigation in her credit, job status, and rental history, she has a spotless record. My main question and issue is whether the Board of Directors (2 of 3, specifically) can arbitrarily impose a move-in/out fee, that has no factual basis, and which is not owner-voted, and which is not a special assessment? 

18 Comments Click here to read/write comments

Condo buyers must pre-pay one year of condo fees. Is this legal?

Posted on Fri, Feb 22, 2013 @ 07:13 AM
  
  
  
  
My condo is in Florida. It is now under new management. The unit owners have received a limited proxy to sign to approve new amendments that are necessary to provide the association to approve sale transactions of our units. One of the new requirements is that the association will require the prospective purchaser to pre-pay up to one year's worth of assessments which shall be held, interest-free, by the association and applied to the owner's assessments as they become due and payable. How will they know in the future how many assessments they will need, and therefore, need to charge. Is this a new law?

12 Comments Click here to read/write comments

Condo owner who pays fees wants pound of flesh from those who don't

Posted on Sat, Jan 05, 2013 @ 08:30 AM
  
  
  
  
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Do I have any claims on funds collected on sold properties in my condo association if I have been paying all increases of fees for owners who have not?

13 Comments Click here to read/write comments

How can my condo fee be more expensive than other owners?

Posted on Thu, Jan 03, 2013 @ 08:13 AM
  
  
  
  
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I just bought a condo 6 months ago. There is a $200 a month condo fee and only three condos here. In the past we divided everything equally and my dues were raised by an attorney to $420 and the other owners were raised to $330 We are the condo board  I dont see how she can tell us to pay more because we have the larger unit? This covers lawn maintenance, insurance and snowplowing.

21 Comments Click here to read/write comments

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