QUESTION
Does HOA have recourse with a receivership responsible for 57 units when they aren't paying maintenance?
Asked on Jan 09th, 2013 on Real Estate - New Jersey
More details to this question:
The receivership is handling many units of the building and although many are being rented they aren't paying maintenance or assessments. This is causing a decline in the building because the HOA doesn't have the money to properly maintain the premises. The units are also not being maintained causing damage to others' units and they won't pay for any damages. What can we do? I own a large amount of units and it is severely impacting my investment.
1 ANSWER
2 Awards
The receiver should be paying HOA, that's the point of the receiver, to get the units rented, and pay debts as they come due. The problem might be that the amount of rent the receiver is getting does not cover the mortgage and the HOA. You should be able to get the documents of the accountings done by the receiver and see how much rent is coming in for each unit and what is being paid.
Answered on Jan 11th, 2013 at 8:31 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship