Q: Our condo board just passed a huge special assessment to fix the roof. I live on a fixed income and cannot afford to pay it. Is there anything I can do? — Ruth Ann

A: Special assessments can be a financial challenge for condominium owners, especially when they come unexpectedly.

These assessments are typically levied when the association’s reserve funds are insufficient to cover necessary repairs, upgrades, or other significant expenses.

While procedures for handling special assessments can vary depending on your condominium’s governing documents and state laws, the general principles are consistent.

All unit owners are required to pay the special assessment. When you purchased your condo, you agreed to follow your association’s rules, which include contributing to shared expenses.

If someone is unable to pay, the consequences can be severe. Associations rely on these funds to maintain the property, and unpaid assessments can lead to delays in critical projects, placing a financial strain on the entire community.

Your first step is to reach out to the board or property manager.

Many associations are willing to work with owners who are facing financial difficulties. This might include setting up a payment plan to spread the cost over time. However, these options are typically at the discretion of the board and may not be available in every situation.

For those who fail to pay and do not make arrangements, the association has the right to take legal action. This could include placing a lien on your unit, and if not resolved, pursuing foreclosure to recover the unpaid amount.

While this is usually a last resort, it underscores the importance of addressing the issue promptly.

You can look into borrowing money from a family member or tapping into the equity in your unit.

If you are a senior citizen, consider exploring a reverse mortgage. While this type of loan is not ideal for every circumstance, it could help with yours, since a reverse mortgage does not require monthly payments.

If none of these options work for you, you can also consider selling your condo and using the proceeds to buy an apartment aligned with your budget. While this option is far from ideal, it is preferable to being foreclosed, as it allows you to preserve your equity in the apartment before it is consumed by the costs associated with foreclosure.

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