Are there penalties for failure to pay / underpayment of assessment installments?
Yes, if an assessment payment is not received or postmarked on or before the Due Date indicated on the bill, a late penalty will be imposed. In addition, failure to pay an assessment installment when due may cause the whole amount of the outstanding assessment to become due and payable immediately as a result of the commencement of sale or foreclosure proceedings.
Related Questions
- How can an individual that makes quarterly estimated tax payments avoid underpayment penalties even though the installments made are insufficient under current safe-harbor rules?
- Can the Homeowners Association get a lien on a homeowners property for failure to pay their homeowners assessment?
- What are the penalties for failure to comply with the disclosure requirements, and who must pay them?
