What are the consequences of delinquent assessment payments?
Because a community association relies on the timely collection of assessments in order to meet operating expense requirements, delinquent payments may result in: o Assessments having to be increased to cover the shortfall (deficit) o Essential maintenance becoming unaffordable o Property beginning to appear run-down, which in turn reduces property values o Shortfalls added to the next years operating budget if any monies are outstanding at the end of the year o Borrowing from otherwise restricted community association funds o Borrowing from a lender o Disharmony between paying owners and delinquent ones
Related Questions
- As a result of my financial assessment will my benefit/pension credit payments still be paid to me or go straight to Hampshire County Council?
- What type of reports are available for homeowner assessment payments and delinquent account reporting?
- Where do I send payments for current taxes or delinquent taxes?
