I am a Board President in a small 52 unit condominium development located in New Jersey. The court appointed a company to provide rent receivership services on a unit that is in foreclosure in the community. The Board did not approve the appointment and does not want to work with this particular vendor. She has since presented a bill for $750, which is completely arbitrary. She never presented a fee schedule and again, we did not sign a contract or agree to this process. Our attorney says to pay her or be sued. Does anyone have a similar experience and is this our only option? It seems like extortion to me and I am totally against paying her.
