The below letter has gone out to Owners who owe money to the Condo. While amounts change almost daily, the amount past due it over $112,000, the highest we have ever had, and the condo can't be run on a deficit finance basis like the Federal Government, thus the rather harsh letter being sent out.
Considering the level of Delinquencies (43) we have only 68 Owners who are eligible to vote in or run for office at the 1/29/11 Annual General Meeting. We have 37 condos that have Homeowners exemptions filed and of that number 16 are on the Delinquency list.
Generally speaking those who are at or past the 2nd missed Quarterly Dues payment are not going to be able to recover, probably they will end up in foreclosure. I only know of one Owner who in effect 'came back' after having missed 2 Quarterly payments, hopefully this will change.
Since inception the condo has had 22 Foreclosures in total and liens have been filed against 15 units. There was one bankruptcy which involved 2 units.
Additional liens are being prepared. Keep in mind that the filing of a lien by the condo is not a hostile action, it simply safeguards our claim on funds when the condo is eventually sold. No clear title can pass until a lien is satisfied. No condo has ever, or ever will, be foreclosed due to the condo filing a lien, it just states the claim to funds which must be paid before a clear title passes.
Here is the relevant part of the statute, keep in mind that if you are renting out your condo your tenants will be the ones banned from using the enumerated facilities.
(3) If a unit owner is delinquent for more than 90 days in paying a monetary obligation due to the association, the association may suspend the right of a unit owner or a unit’s occupant, licensee, or invitee to use common elements, common facilities, or any other association property until the monetary obligation is paid. This subsection does not apply to limited common elements intended to be used only by that unit, common elements that must be used to access the unit, utility services provided to the unit, parking spaces, or elevators.
(5) An association may also suspend the voting rights of a member due to nonpayment of any monetary obligation due to the association which is more than 90 days delinquent. The suspension ends upon full
payment of all obligations currently due or overdue the association.
It is also the BODs option to make your tenants pay your past due assessment. They notify the tenant that all rents in the future will be payable to the condo and not you. As far as I know this is not being done presently.
