Community Association assessments are vital for the operation of the association. These assessments are used for things like the maintenance of common areas and amenities, landscaping, insurance, management, legal and other professional fees, and reserves for future capital repairs and improvements.
When owners are not paying their fair share of the assessments, it is crucial for the association to promptly attempt collection of delinquent assessments. Delinquencies can cause delayed maintenance and repairs, thus possibly result in a reduction of property values.
There are multiple ways to attempt to collect delinquent assessments including placing a lien on the property, filing a complaint in small claims court, or filing a foreclosure action against the property. Moreover, if a judgment is obtained, it can be collected through wage or bank account garnishment.
It is important to discuss the collection of delinquencies with an attorney. At Richter Law, we can discuss your association’s delinquent assessments, the various options, and determine which option will be best for the situation.
