The board voted to proceed with a $1.4 million project to repair balconies, replace windows and siding. Each owner is assessed $44,000. Some are unable to pay. Borrowing to pay this assessment is unlikely for those with an outstanding loan against their mortgage or home.
Residents failing to make payment receive a demand letter in default. It is likely a lien will be placed on the property if unable to make the required payment.
This is the dire situation one community is struggling with. If they had been adequately funding their reserve fund residents would not be in this situation. Lower fees each month over many years means each resident had a little more money each month which was spent on other things. Necessary maintenance was neglected. The community operated with the knowledge their building would eventually require major repairs and failed to prepare.
Far better to increase condo fees today, and possibly sacrifice something to make payments, than risk being forced to sell at a loss when your home is at risk of collapse. The building would have been in better condition, resales would have been worth more and residents would have been happier. Residents would not have been in this situation today.
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