Q. My condo just announced a huge assessment which I can’t afford. What can I do?
A. I’m sorry you’re struggling but if you can no longer afford to pay your condo obligations you should seriously think about selling. As a condo owner, assessments are evitable but unlike a mortgage payment which can be refinanced to lower it, assessments can not be re-worked. However it may be possible to work out a payment plan with your association if allowed. Another option would be to take out a second mortgage or a line of credit depending on your equity position. Either way your obligation to the condo association must be paid.
If you would have questions regarding this or any other real estate issue, please call or text Phyllis Staines at (904) 476 – 7653 or email email@example.com..