In recent years the country has been hit with economic turmoil, especially in the housing market.  We have all seen in increase in unemployment, foreclosures, short sales and bankruptcies.  These difficult financial times have had a huge impact for community associations nationally.  Many owners have lost the equity in their home or are upside down in their mortgage.  Banks have implemented stricter lending and re-financing policies.  Associations have found members who previously were never delinquent in their maintenance assessments now having to choose which bills to pay.  These circumstances create new slow-paying or non-paying members.  Delinquencies place a burden on the association as a whole.  Services, such as insurance, lawn care, snow removal and maintenance still have to be performed and paid for.  It is critical for the assessments to be collected for the financial health and well-being of the association.  The Board of Directors has the fiscal responsibility to collect assessments in a timely manner.  What’s an association to do?

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Contributed by Patricia Keating of Exclusive Condominium Management.