Agent

Foreclosures drying up flow of HOA fees

Who's responsible for paying dues during gap in ownership?
Published on Nov 3, 2008

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by CareyBot

DEAR BENNY: I live in a 12-unit condominium complex. We self-manage. One of the units will probably be going into foreclosure in the very near future. What does the complex need to do to collect the monthly dues and yearly assessments once the unit is in foreclosure? --Sara

DEAR SARA: Unfortunately, this is a very common problem that many condominium associations throughout the country are facing. It has a downhill spiraling effect: When a unit owner is delinquent on his/her mortgage payments, that owner doesn't pay the condominium fees either.

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