Special Assessment

[Marcia Beamish]

What is the name of your state?

California

I own a condo, and our association recently assessed the homeowners $130,000.00 for an unforseen insurance liability umbrella policy as ours was cancelled, and we are considered high risk.

All 71 units were assessed equal payments to be paid over 5 months. Some units didn't pay and others did. I did.

After the assessement was levied, we found a policy for nearly 1/2 that amount. This was before the first or second installment payment was made.

The board is not refunding the overages.

My questions are:

1. Are funds that have been levied for a special assessment allowed to be used for any other funds other than for that which the funds were assessed?

2. As far as this insurance special assessment, are these funds allowed to be used for future insurance premiums that were not part of the original assessment.

3. Is the board required to return the excess funds? The board has decided to just "roll over" the excess payment.

Thanks.

Marcia

Marcia Beamish

[Marcia Beamish]

What is the name of your state?

California

I own a condo, and our association recently assessed the homeowners $130,000.00 for an unforseen insurance liability umbrella policy as ours was cancelled, and we are considered high risk.

All 71 units were assessed equal payments to be paid over 5 months. Some units didn't pay and others did. I did.

After the assessement was levied, we found a policy for nearly 1/2 that amount. This was before the first or second installment payment was made.

The board is not refunding the overages.

My questions are:

1. Are funds that have been levied for a special assessment allowed to be used for any other funds other than for that which the funds were assessed?

2. As far as this insurance special assessment, are these funds allowed to be used for future insurance premiums that were not part of the original assessment.

3. Is the board required to return the excess funds? The board has decided to just "roll over" the excess payment.

Thanks.

Marcia

Double posting is a good way to get ignored.

Double posting is a good way to get ignored.

[salsamanca]

This forum is worthless and not even a form of entertainment. I

[HomeGuru]

Originally Posted by salsamanca

This forum is worthless and not even a form of entertainment. I

**A: I beg to differ. I am entertained on a daily basis by this website.