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by suebal on February 5th, 2007

suebal

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The BOD of the HOA where I live says that due to recent foreclosures the rest of the membership has to make up the "lost" monthly assessment payments. Is this true?

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Answers. 2 helpful answers below.

  • by Metritype on March 21st, 2007

    Metritype

    Most boards have the authority to raise or lower your annual fees. If you are talking about a special assessment, that might have to be approved by the membership, depending on your CC&Rs.


    <p>Addition: Since the questioner did not specify how the membership "has to make up" the "lost" money, it is a little difficult to be more specific.

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  • by AntigoneRising on February 5th, 2007

    AntigoneRising

    That depends entirely on the contract you have with the HOA, and the bylaws of the HOA.

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