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Friday, September 28, 2012

Discretionary power… that is what the attorney called it

Discretionary power… that is what the attorney called it on a television news program yesterday morning.

He was referring to the power a condo association exercises over its members with the assessment of association fees.

As condo complexes have been caught up in the short sale and foreclosure fallout, they have not been receiving the obligatory fees.  (There are some processes in place where a complex can get the fees directly from the tenant in cases of rented units.)

To meet expense requirements sometimes the association fees are increased.

And at some point some condo owners find themselves in a bind where the “discretionary powers” of the powers to be (associations and taxing authorities) ask for more than the owner can afford. 

It is at these times owners must consider a loan modification or possibly a short sale.

If that is your situation and a short sale is a possibility, call me at 321-693-3850 or email me.

I am not an attorney  – seek advice from a qualified professional in this area.

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