Should I allow a lien to be placed on my property to avoid getting a late fee assessed each month?

Should I allow a lien to be placed on my property to avoid getting a late fee assessed each month?

For a second year in a row my condo association has placed a special assessment on the property owners. There are a few homeowners that have asked to make different payment arrangements based upon Income Tax returns, seasonal jobs, etc., and the Board of Directors is unwilling to work with us. Each month we are getting charged a $25 late fee, which only compounds the issue. The Board has “offered” to place liens on our property instead of charging us the late fee. Is this a good way to go if we can not pay the special assessment according to the schedule set forth by the Board of Directors?

Asked on February 26, 2012 under Real Estate Law, Michigan

Answers:

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