A Failure to Pay Assessments Will Negatively Affect Credit Scores and It Is About Time and Long Overdue
Until now, failing to make timely assessment payments could lead to additional charges for late payment fees, interest charges, collection fees, and may even result in the filing of a lien against your property and foreclosure of the recorded lien. However, delinquent assessments rarely show up in the member’s credit report, unless the debt becomes a matter of public record (e.g., an assessment foreclosure) or the debt is reported to the credit bureaus by a collections agency. Read the article…………..
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Does your condominium, cooperative or HOA board know if and when it is appropriate to grant a hardship exemption?
I am often asked by boards for whom I am rewriting or amending governing documents to include the right to