Condo Foreclosure Fees
Many condo owners are beginning to complain that their homeowner association fees are increasing, the reasoning: foreclosure. Condo owners have seen their fees raise several hundred dollars per month because their neighbors have been unable to make the association fees or their payments. The Boston Globe explained, “When condo owners facing foreclosure stop paying their fees for shared costs such as maintenance and insurance, condo associations struggle to pay bills. And sometimes other condo owners are forced to pay higher fees to cover their neighbors’ debts.”
Needless to say condos may not be the soundest investment in these rocky times particularly in areas that have been struck so hard by foreclosures.