Should I allow a lien to be placed on my property to avoid getting a late fee assessed each month?
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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:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
From what you have written, if you cannot pay the special assessment, then you will have the lien recorded on your property by the HOA. Ideally I would not want a lien placed on my home. If possible, I would try my best to get the special assessment paid off timely. If you are unable to do so, then perhaps as a cost saving basis allowing the lien to be placed on your home is the best course to undertake.
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