Appeal process for Board

[mdcondohelp]

We need advice, we won a judgement against a unit owner for condo fees and legal. He has filed an appeal. We missed our deadline. The condo is in dire straits financially, the person we sued used to be the Treasurer, owns 3 units and completely failed in his fidiciary duties. He knows the financial state of affairs and is trying to bankrupt the building. We are looking for a firm to assist us with a payment plan from our 1st law firm, can work on the appeal from the unit owner and will work with us soliciting payment from the delinquent unit owner.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

 

[festival]

You can take out a condo loan (by assigning future assessments), or do a special assessment to raise money. If the person does not pay the special assessment, then file a lien on his three condos and pursue foreclosure. Or try to find a collection law firm that will get legal expenses from the delinquent owner after winning -- I don't know if you can find one at this stage. Or settle out of court.

Did he cause damages from his failure to perform fiduciary duties that you can prove?

 

[HomeGuru]

You can take out a condo loan (by assigning future assessments), or do a special assessment to raise money. If the person does not pay the special assessment, then file a lien on his three condos and pursue foreclosure. Or try to find a collection law firm that will get legal expenses from the delinquent owner after winning -- I don't know if you can find one at this stage. Or settle out of court.

Did he cause damages from his failure to perform fiduciary duties that you can prove?

**A: lenders do not give condo loans of that type.

 

[festival]

**A: lenders do not give condo loans of that type.

Lenders are admittedly hard to find locally. I once went to three small banks and only one suggested it and seemed willing, but had never done it. It is, however, a growing trend for associations to assign their right to future income as security for a loan. The idea is in some condo declarations and some state laws. It may not be easy for the OP's association, which "is in dire straits financially," and they will have to raise assessments to pay back a loan.