Some important news has just been released that is good news for both Condo Associations as well as Home Owners Associations [HOA] that should bring some financial aid on delinquent owners fees and dues.

Here is the problem………..over the last 4 years, Associations and its board or management groups, have been slow to react when owners become late on their fees, assessments, and dues. Most had the treasurer send a short friendly note in the mail as a reminder of the overdue payment.  Most were ignored. Owners late on their payments were a sign of another problem, the unit was most likely headed toward a short sale or foreclosure status. Most owners felt that they had 6 months to a year before their Association would pursue the additional expense of any legal action. …continue →