condo fee doubling

[Supermomma]

What is the name of your state (only U.S. law)? maryland

I just got a letter that the board of directors are proposing to double the condo fee for my community. This is insane as they provided no valid explanation for this increase. I dont know of any condo association that pays this much unless it covers utilities. My budget is very tight and this will certainly mean future foreclosure for me. How can this be stopped. Do we as residents has any say in this?

 

[colourfastt]

What is the name of your state (only U.S. law)? maryland

I just got a letter that the board of directors are proposing to double the condo fee for my community. This is insane as they provided no valid explanation for this increase. I dont know of any condo association that pays this much unless it covers utilities. My budget is very tight and this will certainly mean future foreclosure for me. How can this be stopped. Do we as residents has any say in this?

In this economic climate this is not unusual. I'm the Secretary of my HOA board and in our subdivision of the 61 homes, 23 are either in foreclosure or abandoned. Therefore, the fee go UP for the remaining homeowners to pay the bills .. the bills never go down.

 

[ucf]

ahh the joys of living in a POA/HOA. You can certainly speak at your association meetings and look financial docs. With that said I doubt they are arbitrarily raising fees there is probably a financial reasoning so if this is the case then I think you are stuck.