Condo Assessment Due!
Thursday, August 19, 2010
Assessment Due September 1!
I've just received news that a loan option is no longer available to pay for a $14,000 special assessment for my condo! This means that instead of breaking up this large amount into smaller portions that would be added onto the regualr condo fees, it has to be paid in a lump sum! Furthermore, there will be a similar additional amount due in a few months. This money is going to fix structural flaws with the building, and we've had prior notification. But it appeared that the loan option would really be an option for those that don't have enough equity in the condo to remortgage. But now... So would will happen if I cannot pay?! Will they lien my condo? Will I have collection agencies knocking on my door and calling me everyday? Can they force foreclosure? Help! Any information would be great!
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