If I own a co-apartment and I owe back common charges of $6,000, can the management company foreclose on my unit?

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If I own a co-apartment and I owe back common charges of $6,000, can the management company foreclose on my unit?

My mortgage is current.

Asked on June 15, 2011 under Real Estate Law, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If the apartment unit is in currently in arrears on the common area charges, and if the HOA agreement, coop agreement, management agreement, or other agreement(s) governing the apartment allow foreclosure in the event of nonpayment of the common charges, then yes--in that situation, the unit could be foreclosed on. There is no common or general answer, since this depends on whether foreclosure is allowed a remedy under the relevant agreements governing the unit. You should bring all the documents and agreements pertaining to the apartment to an attorney (one with experience in these kinds of units; e.g. coops) who can evaluate your obligations and the management company's recourse for you. Good luck.


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