OA Condo Fees Can Lead to Foreclosure: Protect Yourself

11-Sep-2010 Before buying a condo it is important to educate yourself about the association fees that accompany your purchase. Condo association fees are used to pay for general building maintenance like trash removal and insurance as well as up keep of all common areas such as pools etc.

The total cost of these services annually is determined and then divided by all the occupied units within the condo and payments are scheduled on a monthly, quarterly or yearly basis. This means that the more units that have occupants, the lower the fees will be for everyone.

Residents may find that their condo fees drastically increase if occupancy is diminished. With the recent downturn in the real estate market this can be a scary situation. If fees were to get too high it could cause someone to consider foreclosing on their property.

In some cases foreclosure occurs because the condo association sues the property owner for foreclosure in an attempt to collect past due fees. Often enough they are successful in getting your money and getting you out of the property. It would be especially frustrating to be pushed into foreclosure by someone else.

If you are being targeted for foreclosure by your association you will want to get a skilled foreclosure attorney on your side. They will inform you of your rights and support you during the long and taxing process of foreclosing on your condo.

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