i own a condo as investment property, the association just assessed each unit 20-25K for deferred maintenance…i am maxed out on credit, i tried to refi in Dec 09 and declined. What are my options?
Many condos associations when passing an assesment like that will break it up into payments over a couple years. Sometimes they have financing in place and you are basically paying off your share of the loan.
Downside to all condo’s are those assessments we must pay. Depending on your association and state, they maybe able to evict you or your tenant if renting for non payment, suspend your priviledges of the common areas, cancel services like free cable or Wifi, etc.
Talk to your condo president and see what can be worked out.
PS what state?
thanks, PHILA PA