2007-01-25 07:17:38 · 4 answers · asked by taylor b 2 in Business & Finance ➔ Renting & Real Estate
Yes they can. It would be spelled out in your bylaws. But any condo association has an automatic lien such as taxes. If you don't pay the association, they have the right to start forclosure. However, it is not very beneficial to the to forclose for a few months of association dues.
2007-01-25 08:44:10 · answer #1 · answered by BACI 2 · 0⤊ 0⤋
I am not 100% but I do not think that they can touch your home at all. One recommendation would be to include the fee in with your mortgage like you could do with you taxes and home owners. So you do not have to worry about not paying for them when they are due, it's just taken out every month. There should be no fee to do this from you lender. One thing that the Association could do is put a lien on your home with a penalty, so if you tried to sell them home you would have to pay it off in the sale of the home, same if you even try to refinance the condo. I would check your local laws to double check me.
2007-01-25 07:59:39 · answer #2 · answered by Anthony P 2 · 0⤊ 0⤋
Laws vary from state to state. I used to own a condo in Illinois. I gather Illinois has some of the strongest laws regarding collecting unpaid homeowner association assessments. In Illinois the homeowner association can evict the unit owner (or owner's tenant in your example) and then rent out the condo in order to earn the unpaid assessments. As I said, laws vary from state to state. I recommend you consult an attorney to help you with your specific situation.
2007-01-25 07:48:43 · answer #3 · answered by Adoptive Father 6 · 0⤊ 0⤋
Yes the association can foreclose on your condo for failure on your part to pay your association dues. You should read your by-laws and CC&R's it is all spelled out in those documents.
It does not matter if you reside there personally or not.
I hope this has been of some use to your, good luck.
"FIGHT ON"
2007-01-25 07:51:11 · answer #4 · answered by Skip 6 · 0⤊ 0⤋