Foreclosure Fees

Q

We have begun a “foreclosure fee” to cover our expenses when a property is abandoned and it takes months for an actual foreclosure to take place. Our fee is $1000. It has not been challenged but what is your legal opinion?

- Rebecca

 

A

Ask the Experts cannot offer legal advice. However, I would encourage you to determine the association’s actual cost for the foreclosure process, and charge only for your direct expenses. It is inappropriate for the association to make a profit on an owner’s misfortune.

Sincerely,

Margey

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