Dealing With the Nonpayment of Assessments Because of Hardships Created by the Coronavirus

As a result of the hardships currently being experienced by association members due to the coronavirus nonpayments of assessments , associations that govern the operation of condominiums and common interest communities are faced with the likelihood of escalating defaults in the payment of regular and special assessments, and fines that have been imposed for various violations of the association’s governing documents. Associations learned from the last recession that when they did not collect dues and assessments from their members during periods of hardship, they too suffered financially because of the loss of needed revenue. The impact of the economic shutdown…[…]