Steven E. Waldinger Legal Answers in New York

Can A Homeowners Association Or Condominium Benefit By Foreclosing On A Unit To Collect Delinquent Common Charges In New York…?

Many people live in shared communities. The benefits of such community living result in a shared responsibility … Show More for costs, resulting in common charges or assessments. When unit owners don’t pay them, it imposes an unfair and disproportionate financial burden on the other owners.Thus, Boards have a fiduciary duty to act in the best interests of all owners. Doing so may require Boards to foreclose liens for outstanding charges.Foreclosing A Lien To legally foreclose in New York, a Board must file a lawsuit against the unit owner. Such an action will lead to the sale of the unit to satisfy sums due to the Association or Condominium.Foreclosure Is A Last ResortIf a unit owner is delinquent in paying …Read More »

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