Becker & Poliakoff

Using Mortgage Forbearance to Free up Money to Pay Assessments

Using Mortgage Forbearance to Free up Money to Pay Assessments

As many homeowners are presently facing a job loss or reduction in their income, they are now more worried than ever about how they are going to pay their bills moving forward, including their monthly maintenance fee to their homeowner or condominium association. The association, on the other hand, continues to need homeowners to meet their obligations so that essential services, including but not limited to landscaping, garbage removal and security, can still be provided. What should the board and management do when a homeowner requests a forbearance of his or her maintenance fees due to such circumstances?