‘Nightmare’ condo fees after foreclosure -- The Providence Journal: "When McGarry took over as condo association treasurer in April, she quickly learned that the association had been in financial trouble even before the two owners defaulted. Although monthly fees had been raised from $195 to $225 in November, there was no money in reserve, and water, heat and electric service were about to be shut off. McGarry raised the condo fee to $275 and obtained a personal credit-card loan of $4,800 to pay past-due bills and retain a lawyer to help her collect back fees. “I was the only one who could get a loan,” she said. McGarry’s situation is extreme, but it’s not uncommon. Other condominium associations are facing problems because of owners who can’t or won’t pay common expenses, according to state Rep. Patricia Serpa, D-West Warwick. Many owners who get into financial trouble stop paying condo fees months before they default on their mortgages, according to Edmund Allcock, a lawyer representing the New England chapter of the Community Association Institute."
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This is an 8-unit condo and two people stopped paying. These small condo buildings are especially risky.
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