While news of defaults, liens, and other financial train-wrecks have dominated the news and caused many building boards plenty of sleepless nights, co-ops have been lucky. While a spike in defaults on maintenance payments over the last…
Tag: Arrears
2010 April
Collecting Common Charges
Condominium boards and managers are often frustrated by unpaid common charges. Once a unit owner falls more than 60 days behind in his or her common charge payments, it is recommended that this problem be turned over to the condominium …
2008 Feb
How Boards Deal with Late Payments
Monthly charges, including common charges, emergency repairs, lawsuits, assessments, maintenance fees, dues and so forth, are a big part of owning a co-op or condo in New York City. When an owner is late, or misses monthly payments entirely…
2003 Oct
When Owners Fall Behind
A common problem facing condo associations, boards and managers is how to compel unit owners who fall behind in their common charges to pay their arrears. In a condominium association with only a few units, if even one unit owner falls beh…
A Moratorium on the Moratorium?
At this time last year, many states initiated a series of eviction moratoriums, with governors issuing executive orders to prevent certain residential tenants from losing their homes to eviction during the coronavirus pandemic. On September…