HABITAT
When times get tough and the choice of paying your mortgage or paying your condo's common charges looms, the bank usually wins. But that doesn't mean a condo board is just going to stand still as arrears build up, so expect your board to take action. How, you wonder? By taking away the very thing that enticed you to buy in the first place: your amenities.
Some condo boards are struggling to pay their association’s bills, and are turning to legal machinations to get lagging apartment owners to pay their monthly common charges on time, or even at all. But one Long Island condominium is using a new strategy to collect from deadbeats: filing a lien against the unit, and then foreclosing on the lien.
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Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
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