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A couple of things since my last post. After consulting an attorney, it appears the BOD for the Assn. incorrectly interpreted the law in counting the number of votes necessary for passage. A group of us are now involved in a ‘declaratory relief’ action to stop the assessment based upon this information.

Also, on the homeowners insurance covering special assessments, check with your agent, as this coverage only applies to damage or peril to units that is not covered by the association policy- like an airplane crashing into the complex. My agent of 30 years tells me that he has never seen a claim paid out for this coverage.

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I LOVE the way you think.

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Thanks, and I heard that from another owner who has Farmers Ins. I’ll check it out. Certainly a great feature to have if you own a condo and I’d encourage anyone who does to make sure you have it – and watch those reserves !!

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If the owners see to it that the boards properly fund the reserves, the moeny will be there for necessary repairs and replacements. My experience has been that they only fund the reserves to around 50% of the recommended amounts.

Then, when the roof needs replacing, they come at you for more money.

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I note they can report it, but it doesn’t affect FICO scores. But can an association forclose on the unit ahead of the mortgage company?

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