Q: Can my condo association foreclose on my condo if I missed four assessment payments in 2022? I was just notified of this
A: Typically, a condo association has the right to initiate foreclosure proceedings if a homeowner fails to make assessment payments. However, the specific rules and procedures regarding foreclosure can vary based on your jurisdiction and the governing documents of your condo association. It's important to review the governing documents, such as the bylaws and declarations, to understand the association's assessment policies and the consequences of non-payment. If you have missed four assessment payments in 2022 and received a notification from the association, it's advisable to promptly communicate with them to discuss possible options for repayment or a payment plan. Consulting with an attorney who specializes in real estate or condo association law can provide personalized advice based on your specific circumstances and the applicable laws in your jurisdiction. They can help you understand your rights and obligations accurately and guide you through potential resolution options.
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