My mom lived in a community with condo fees, but for new roofs they did not take the money out of the condo fee account.
Instead, each unit was told they would have another monthly bill for like $75.00 for like 7 years just for the roofs, on top of the $150.00 condo fees.
Well, when my mom sold a month later she had to pay the full amount of $75.00 for the remaining 6 yrs and 11 months.
I asked the president of the condo association what the balance would be less interest. I figured the large amount that was going to be taken out at my mom's settlement was going to be applied to the loan, so of course less interest would be charged on the loan now.
They told me they never thought about that. So now when all home owners sell for the next 7 years my question is what is the condo association doing with the sellers money? Is the condo association pay down the loan and pocketing the interest?
Anyone agree with me this is stealing?
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