lthough they are supposed to have a so-called reserve account to cover anticipated capital expenses—roof replacements, exterior maintenance, elevator upkeep, and the like—many condominiums, especially in the last few years of economic …
In most states, community associations have no special status when a unit owner stops paying maintenance fees. But one by one, states have been adopting a priority lien, or “super lien” provision into law, to give condominium association…
Many of the issues contained within legislation in the 2011 session concern governance and membership rights during a time of economic stringency. They range from Maine’s regulation updates, and measures to alleviate foreclosure impacts…
Good information and clear communication are crucial for anyone involved with the administration of a condominium or homeowners association—crucial not just to thriving, but surviving in today’s challenging economic times. Finding that i…
A proposal to ban federal lenders from purchasing mortgages in condos with deed-based transfer fees has been drastically scaled back following intense lobbying against the rule by community associations around the country. The p…
Job losses. Bankruptcies. Foreclosures. These are tough times for everyone, but when homeowners fall on hard times, they are often late paying condo fees. Some can’t even afford to pay them at all. Add i…
Decisions, decisions, decisions. Board members have to make them all the time, from how money should be spent on repairs to what contractors should be hired. Making decisions might seem easy, but deciding between two courses of…
Q A couple owns a home that is part of a homeowner association and they get behind on their monthly condominium dues. In the meantime, they also get behind on their mortgage and the bank forecloses on the home. The homeowner association…
In today’s difficult economy, more and more homeowner associations are facing the prospect of dealing with some form of distress. Whether it’s physical distress from lack of funding for repairs or financial distress from foreclosures an…
Even in the best of economic times, preparing a condominium's annual budget is a tiresome task, fraught with uncertainty, estimations and shifting numbers. Now, factor in one of the most challenging economic downturns in a century with …