Many agencies are reporting should prepare for delinquencies in the future. Many association boards will have to make some difficult decisions. A high delinquency rate may also disqualify an association from receiving a bank loan, which would be helpful in these unprecedented times.
However, homeowners should be sympathetic to the fact, that many have lost their jobs unexpectedly and have suffered a decrease in income due to the pandemic. Homeowners can increase their communication and offer support. If possible, they can also waive interest and late fees. Delaying foreclosure for a reasonable period of time can also be an option to help your tenants.
In the end, this has been a challenging situation for everyone. If you are experiencing legal concerns within your homeowners association, please contact the Martin Law Group. We are offering free consultation for the month of September.