Cohousing-L Mailing List: Re: Do any communities defer dues?

[Kathryn McCamant (kmccamant]

I would check your local jurisdiction and mortgage lender laws. After the 
recession and the millions of foreclosures that came with it, they changed a 
lot of the regulations to limit the amount you could collect on pass due dues 
at closing.

Katie 
-- 
Kathryn McCamant, President
CoHousing Solutions
www.cohousing-solutions.com



 

On 8/4/19, 9:12 AM, "Cohousing-L on behalf of Sharon Villines via Cohousing-L" 
<cohousing-l-bounces+kmccamant=cohousing-solutions.com [at] cohousing.org on 
behalf of cohousing-l [at] cohousing.org> wrote:

    > On Aug 4, 2019, at 7:44 AM, Alan O'Hashi via Cohousing-L <cohousing-l 
[at] cohousing.org> wrote:
    
    > If you do decide to allow people to generally defer, there should be some 
means to encourage them to pay up front, like, compounded interest, and 
personal guarantees, etc.
    
    I would think this would only be done when there is a question of hardship 
and a date for which the unit will be sold or put up for sale. 
    
    And done formally with a lien against the property, costs to be paid from 
the sale/estate.
    
    In the long run, this might be the least expensive way to deal with the 
rare case of catastrophic or terminal inability to pay.
    
    Sharon
    ----
    Sharon Villines
    Takoma Village Cohousing, Washington DC
    http://www.takomavillage.org
    
    
    
    
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