Should a condo association or HOA accept payment plans for unpaid assessments?
It depends. When the economy was better, the association had little motivation to accept payment plans because the lien truly gave the association some leverage. Now, however, the association’s lien is often behind a first mortgage lien that exceeds the property value and a payment plan should be considered in select cases with the assistance of legal counsel.
Related Questions
- If my condo or HOA forecloses on its lien for unpaid assessments and takes title to a home, is the association responsible for the mortgage payments?
- What debts and other obligations will fall on the condo or homeowners association if it forecloses on its lien for unpaid assessments?
- What can the condo association or HOA do to recover past due assessments if it forecloses on its lien and takes title?
