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Subject: Assessment Alternative
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Author Messages
LisaP
(Florida)

Posts:32


08/14/2006 10:24 AM  
Anyone have any creative ways to offset an assessment (or at least the large toll and monetary figure)?
JosephW
(Michigan)

Posts:882


08/15/2006 3:19 PM  
Do you want to clarify that a little more? Are you an owner stuck with paying a large sudden assessment? Or a board member dealing with a budget shortfall?

Joe

Joseph West
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Community Associations Network, LLC
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LisaP
(Florida)

Posts:32


08/15/2006 5:42 PM  
Hi, Joe:

Essentially, both. The owners, including myself, will need to pay a sudden and large assessment due to a budget shortfall.

Thanks,
Lisa
JosephW
(Michigan)

Posts:882


08/15/2006 6:49 PM  
If the money is due immediately, then either the association or the owner may have to borrow it. Your documents should spell out the requirements for the association borrowing funds. There are a number of institutions that specialize in lending to HOA's. Click on the Community Associations Network link to the right. The NCB ad in the left column and the banking list in the service directory will give you a list of banks to talk to. This would then allow the owners to pay off the loan in installments, spread over a reasonable period of time.

If the money isn't due immediately, or if the board doesn't opt for a loan, they should come up with a reasonable payment program, or be willing to work with individual owners on an installment-type program.

Failing all of that, the owner may be stuck financing their share on their own. That should only be a last resort, after all other methods have been tried.

Joe

Joseph West
Official HOATalk.com Sponsor
Community Associations Network, LLC
www.CommunityAssociations.net

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LisaP
(Florida)

Posts:32


08/17/2006 6:11 AM  
Thanks, Joe. :-)
BradP
(Kansas)

Posts:2640


08/17/2006 7:30 AM  
Lisa:

I agree with what Joe said, but more importantly why is there a budget shortfall? Was there unexpected expenses? Can you trim some fat out of your budget. The only problem with loans is you are paying for something tomorrow that was done yesterday instead of paying tomorrow for something in the future.
JulieS
(Georgia)

Posts:412


08/17/2006 7:33 AM  
Do you have an initiation fee? This is something that could be implemented to help build a reserve fund for future expenses.
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Forums > Homeowner Association > HOA Discussions > Assessment Alternative



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