Hoa

[rdwall]

Condo HOA in Ontario, California has assessed the tenants $3000 for roof repair. Non-payment in full by 31Aug. will result in a lien being placed on the owner's property. Questions: Since nobody can afford this nonsense, will the resulting lien affect the homeowners credit and/or ability to sell their own condo? If the homeowner increases her HOA dues by an amount she can afford each month, would that be considered as a good faith attempt to satisfy the liability, thereby avoiding an adverse credit report? Would failure to pay in full by the due date result in the HOA forcing the sale of the property to satisfy the lien? (main fear of the condo owners). This, of course, would force the owner to borrow funds thus incurring more debt and the attendant finance charges. THIS IS NUTS!

Lori.

 

[JETX]

Since nobody can afford this nonsense, will the resulting lien affect the homeowners credit and/or ability to sell their own condo?

Yes.

If the homeowner increases her HOA dues by an amount she can afford each month, would that be considered as a good faith attempt to satisfy the liability, thereby avoiding an adverse credit report?

Only if 'they' agree to it.

Would failure to pay in full by the due date result in the HOA forcing the sale of the property to satisfy the lien?

That is possible.

This, of course, would force the owner to borrow funds thus incurring more debt and the attendant finance charges. THIS IS NUTS!

Nope. It is called 'condo living' with mutual obligations for common property.

 

[HomeGuru]

Summertime....and the condo livin's not easy...........