Condo Media - July 2019 - 60
The Region
VERMONT
Managing Delinquencies
Beware the Pitfalls
[by Hans G. Huessy, Esq.]
It is important to stay on top of
delinquent owners and to never allow
owners to become significantly overdue
in their payments.
First, it is unfair to other owners
that pay their assessments on time.
In my experience, most associations
have several owners who are routinely
delinquent, using the association as
an informal bank. This causes bookkeeping headaches and can needlessly
tie up the project manager chasing
down payments.
One way to manage delinquencies
is to regularly impose a significant late
fee for accounts that are over 90 days
delinquent (after having been given a
reminder to pay at 60 days).
LATE FEE POLICIES
Many associations have such fees and
procedures already in their bylaws, but
60
CONDOMEDIA July 2019
hesitate to impose them. This failure,
especially with respect to repeat offenders, can expose the association to
significant and unnecessary risk. By
allowing some accounts to routinely
be 90 days overdue, one creates the
likelihood that an owner could be six
or more months in arrears before any
action is taken.
While in Vermont, the association
has a super priority lien for up to six
months of assessments, if an owner
defaults on their mortgage and the unit
goes into foreclosure, that process can
take several years. The association can
be stuck footing the bill for thousands of
dollars in assessments if there is little or
no equity in the unit after paying off the
first mortgage.
I am familiar with one such circumstance where, even though the association recovered all of its legal expenses
and six months in assessments, it still
was out-of-pocket to the tune of almost
$20,000. While it obtained a judgment
for the outstanding amount, collecting
that judgment is only possible if the
former owner has means, and even then
can take several additional years.
Therefore, I recommend adopting
a firm and clear process for imposing
significant penalties for late payment
and, if those fees do not prompt payment, initiating the foreclosure process
sooner rather than later. Almost all
declarations provide for the recovery of
all legal costs so incurred, so the risk to
the association is minimal.
n HANS G. HUESSY, ESQ.,
IS WITH MSK ATTORNEYS
IN BURLINGTON, VT.
Condo Media - July 2019
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