Millions of people are falling behind on their bills due to losing their job or taking pay cuts due to the COVID-19 pandemic. A common bill in Colorado is the HOA assessment. What happens if you fall behind on the payments? Find out how you may be able to get your HOA assessment reduced in the following article.
Behind on Your HOA Assessment?
Our HOA litigation lawyers may be able to help you get your HOA assessment reduced. Set up a free case assessment by calling 303-688-0944.
What If I Get Behind on My HOA Assessment?
Good morning everyone. My name is Robert Harper and I’m an attorney here at Robinson & Henry. I wanted to just quickly go over a common question that I get nowadays with all being due to the COVID virus and HOA assessments. So common question I get a lot of times is, what happens during this turbulent time and you get behind on your HOA assessments.
So first I wanted to go over the theory behind HOA assessments. Second, I wanted to go over what a structured settlement plan for an HOA assessment looks like, if you’re behind.
Possible Payment Reduction
So basically, I’ve been contacted by a couple of clients to settle their HOA assessments and they’re behind. If they were to accept less than what you’re actually assessed, essentially, in theory, all of the other owners in the HOA’s assessments would essentially rise. Now that’s not saying that you would get a reduced assessment charge in trying to negotiate it.
But actually last week, I had a client that, she owed thousands of dollars in her HOA assessment, she was very much behind. The attorneys at Robinson & Henry, we gave a number, and we agreed upon it and it was significantly reduced in what she actually owed.
Get on an HOA Payment Plan
The second question is, what does a settlement of your HOA assessments potentially look like? So rest assured, this is going to be a turbulent time with COVID-19. Essentially under CRS 38 the HOAs required to at least give you six months of a payment plan to try to catch up.
So rest assured, even if you’re behind, rest assured that you have six months to try to catch up and HOAs are required to follow that law. If you have any other questions or if you need the help of attorneys of Robinson & Henry help you with your HOA assessments during these turbulent times, please give us a call and hope all is well. Thank you so much.