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Depending on the governing documents or state law, the HOA may have the authority to place liens on a property (for non-payment of assessments and/or noncompliance with CC&Rs, an example would be the costs to remove a non compliant structure such as a mobile home on a lot restricted to "site built" housing) and to, ultimately, foreclose on it.
Question: Our HOA sent out a letter on July 1 asking for payment on an assessment for more than $12,000, to be paid in full within 30 days.
In many states, the process of assessment and collection may be viewed as a two-year process, where values are determined in the first year and tax assessed and paid in the second. [36] Most jurisdictions encourage property owners to declare the value of their property at the start of the assessment process.
Transfer fee supporters responded that (1) the existence of all assessments, including HOA dues, special assessments, etc., is disclosed early in the contract stage, when buyers have an opportunity to review all matters of title before deciding to proceed with the purchase; (2) this disclosure/decision process is identical to other fees, such ...
Imagine being a property owner in a condominium who is humming along paying the mortgage and then getting a letter from your homeowner's association (HOA) informing you of a six-figure assessment.
A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. According to the report, the condo board approved the special assessment fee based on findings from ...
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Additionally, Mortgagee Letter 2011-22 stipulates all other condominiums requesting FHA project approval may be required to submit a current (completed within the last 24 months) reserve study at their discretion or whenever financial documents do not appear to meet sufficient funding requirements of the condominium association. [17]